In another blow to Obama’s reelection bid, consumer confidence, which has been low throughout Obama’s presidency, stumbled badly last month after economists initially predicted confidence would go up.
The number indicates that the onslaught of people and politicians abandoning the S.S. Obama continues unabated. In recent weeks, allies of Obama have defected from his campaign message if not from his person. Forget about polls numbers for a moment. Consumer confidence is the number that tells you what is really behind the defections.
"Consumer Confidence fell in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board, “following a slight decline in April. Consumers were less positive about current business and labor market conditions, and they were more pessimistic about the short-term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending. Taken together, the retreat in the Present Situation Index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may moderate."
The confidence measure plunged from 68.7 in April to 64.9 in May.
In actuality, soft consumer sentiment is not just a vote of no-confidence in Obama, as it is in the whole silly progressive Democrat ecosystem- are there any moderates left on the Left side of the aisle?- that’s been propping him up for three years.
Because it’s not just consumers who are looking to duck and cover.
Businesses are also worried about the future.
As our friends over at Political Calculations have noted, stock market prices and dividend futures are now converging. And that’s not a good sign for the market, because dividend futures are moving down.