Janet, you have a problem…
If soaring home prices and record high stocks won’t spike consumer confidence, what will?
While the ‘Present Situation’ index rose modestly to 118.3 (from 116.6), the ‘Expectations’ index dropped to 83.3 from 84.6 (inching the overall Conference Board Consumer Confidence index lower to 97.3).
Jobs plentiful dropped, income growth expectations dropped, plans to buy a car dropped, and inflation expectations dropped.
New England saw the biggest spike in confidence (from 82.0 to 95.8!!) but East South Central collapsed from 97.8 to 73.0.
Perhaps most worrying is the plunge in Under-35-year-old confidence from 132.3 to 122.8 and middle-income earners ($50k to 125k) all saw a drop in confidence.
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