U.S. consumer confidence weakened in the week ended Sunday, according to an ABC News index, after hitting a two-month high the prior week.Its interesting, 75% say it is a bad time to spend money and yet millions waste their money on Ipods, Ipads, Iphones, etc. Historically, consumer confidence has been a good barometer of future consumer spending, but that has not been the case during this "recovery." Consumers remain depressed but continue to spend anyway.
The reading declined three points to -46 on its scale of -100 to +100. The long-term average is -13.
Before the past week's decline, the confidence level had grown seven points in the prior six weeks.
Meanwhile, 89% of Americans most recently surveyed rate the economy negatively as 75% say it is a bad time to spend money and 55% rate their own finances negatively.
Black Swan Insights