After a hope-filled bounce in May, The Conference Board’s Consumer Confidence index plunged in June from a revised 131.3 to 121.5 (well below expectations of a modest drop to 131.0).
This is the weakest confidence print since July 2017…
Finally, we note that the gap between current and future confidence (DoubleLine’s Jeff Gundlach’s favorite recession indicator) is flashing big red recessionary signals…
The spread between savings and confidence is turning back down also – just as it did in 2007 and 2000…
You can only dis-save to spend (and juice confidence) for so long!
via ZeroHedge News http://bit.ly/2X6a1SS Tyler Durden