Friday, July 13, 2012

UMich Consumer Confidence Misses Expectations

University of Michigan's initial consumer confidence reading for July came in at 72.0, below the 73.5 consensus.  We had expected a miss (as mentioned on Monday), so this was not surprising; however, the market's reaction to such a disappointing economic indicator is.  JPM and its management team have gotten everyone to 'buy in' as S&P 500 is up 1.3% at 1351.7!  We remain less optimistic and do not expect as nice of a bounce in economic recovery during Q3 as the equity market may be hinting. 

No comments:

Post a Comment