July preliminary U of Michigan confidence

By Peter Boockvar - July 10th, 2009, 6:10PM

The preliminary July U of Michigan confidence # was much less than expected at 64.6 vs the consensus of 70 and it’s down from 70.8 in June. It follows 4 months of gains and it’s the lowest since March when it was at 57.3. The biggest contributor to the decline was the future expectations component which fell from 69.2 to 60.9. Current conditions also fell, down to 70.4 from 73.2. From their individual lows, current conditions are still up 12.9 points and future expectations are up 10.4 points. One year inflation expectations fell .1% to 3% but 5 year expectations rose .1% to 3.1%, matching the highest level since Aug ’08. This is a phone-in survey that happened within days ago so is thus a timely snapshot of consumer attitudes and the weakness likely still reflects a difficult labor market.

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Category: MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “July preliminary U of Michigan confidence”

Steve Barry Says:
July 10th, 2009 at 11:44 am
Peter:

Just saw your dollar debate on CNBC. You are predicting declines ahead, but your debater made a good point…deflation seems to make the dollar rise and we need to deflate about 50 Trillion in debt globally. The central banks probably can print that much money. I see the dollar at least not falling apart and maybe rising…your thoughts?