Sunday, June 17, 2012

USA Consumer Sentiment Drops to 6-Month Low

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USA Consumer Sentiment: Thomson Reuters / University of Michigan

American optimism has waned as the Index of Consumer Sentiment dropped to a 6-month low in June 2012. The June reading of 74.1 (-5.2) is below the 75.8 monthly average from January 2005 through May 2012. Consumer sentiment has decisively rebounded from the depths of the Great Recession (55.3 in November 2008).

Some of the good is technology is changing life for the better, American entrepreneurship bubbles up through the government disincentives, the economy is muddling along with at least some growth, the late spring weather is nice, consumer sentiment has increased 9 of the 10 past months to a 55-month high, and maybe nothing really bad will happen for at least awhile.

Some of the bad is technology is changing our life for the worse, just 1 in 4 households anticipate an improved financial situation during the year ahead, 1 in 7 citizens are on food stamps, 50% of 2012 college graduates are unemployed or underemployed, full employment is far from being restored, the government encroachment in and control of our lives continues unabated, and the national debt rises ever higher.

Surely the EU sovereign debt crisis and the mess those silly Europeans created is not a preview of things to come here in the Land of the Free? Good Lord, us Americans are not that goofy to run up a bunch of debt we can't pay and be forced into fiscal austerity hell, are we?

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