Two days ago, I wrote this on the RGD blog: “You can safely expect similar “surprises” to take place in the United States and Europe over the next three quarters.” This consumer confidence report would appear to be the first of many to come:
The Consumer Confidence Index, released by The Conference Board, sank unexpectedly to 47.7 in October — its second-lowest reading since May. Forecasters predicted a higher reading of 53.1. A reading above 90 means the economy is on solid footing. Above 100 signals strong growth.
The animals spirits, they descend.