For the third straight month, The Conference Board’s consumer confidence index fell in April, tumbling to 97.0 from a downwardly revised 103.1 (dramatically below the 104.0 median expectation and in fact below the lowest of all 56 analysts’ estimates). Both current conditions and expectations plunged, with the latter at its weakest since
- Present situation confidence fell to 142.9 vs. 146.8 last month
- Consumer confidence expectations fell to 66.4 vs. 74.0 last month
Expectations are back to Summer 2022 lows, which are equal to April 2013 lows…
Source: Bloomberg
Most notably, this is the sixth straight month of downward revisions…
Source: Bloomberg
That is 14.6pts of confidence erased in six months… to which we ask – in all honesty – WTF is a ‘revised’ sentiment measure? How do you feel now about how you felt a month ago?
The Board’s labor market indicator trended notably weaker…
Source: Bloomberg
Finally, fewer of those surveyed believe stock prices will be higher and interests lower…
Source: Bloomberg
All things considered, that survey was a shitshow for Bidenomics… but remember, you’ve never had it so good…