Confidence Off a CliffPosted on Wednesday, April 30th, 2008 at 9:16pm.
Is there a relationship between consumer confidence and home-buying? Of course.
If you prefer a longer view, the second graph (courtesy of Market Harmonics) shows about 9 years' worth of data from the same source (Conference Board), though it is missing the newest figure.
Finally, a separate consumer survey released by the University of Michigan last week showed confidence at its lowest level in 26 years.
Also today, the U.S. economy grew by just 0.6% in Q1 – hey, maybe it's not a recession! – while inflation crept up and the Fed cut again.
There's more to say but let's hit all of that another day.
For the time being, take a look at the LAT article that accompanied the graphic (see "Shaken Consumers Clamp Wallets Shut"), which somehow prophesies the imminent end of American consumers' love affair with credit-fueled living, even though every such prior prediction has proved incorrect.
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