Lawrance G Lux, click
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Blogs by Lawrance G Lux
Consumer Confidence 1/16/2004 1:49:32 PM
The University of Michigan came out with another report on Consumer confidence, and this Author feels pity. Michigan has been proclaiming Consumers are ready to go out and buy, buy, buy for years. They have said this in the middle of Booms, Recessions, and even before the beginning of Recessions. It is known this reportage is nothing more than a business shill. It is a perported Economic Report good for jounalistic advertising.
Michigan has just released a Report claiming the Consumer index has jumped from 92 to 103. Consumer Debt is as high as it has ever been. Mortgage payments are claiming as much Consumer Income as ever in history. Credit Cards balances are increasing every month. More and more high-paying Jobs are being lost every month, and being replaced only by lower-paying temporary jobs. Actual Inventories dropped in December, while November business growth estimates were revised downward. The index reading never hit 103 in the Clinton Boom years. It last found expression prior to the Reagan recession and S&L Bailout. I am glad that Consumers are confident, let's hope some of that confidence will rub off on this Author. lgl
