Sometimes just waiting a day or so to let a particular release marinate allows us to gain a bit of perspective. Fed releases and unemployment data come to mind.
But I wouldn’t preclude a day-late look at the Conference Board’s survey of consumer confidence either.
The Consumer Confidence Index fell 3.2 points in the latest month, which makes the dip in June the third decline in four months. Clearly, not a trend that is welcome by Fed officials and investors.
The economic data are still pointing to a growing economy, but the heightened level of uncertainty that has been clouding the outlook has been taking a toll on sentiment in recent months.
Job creation slowed considerably in May, jobless claims are up, manufacturing activity has moderated, the housing market remains in the doldrums and many refuse to throw caution to the wind whenever they go online or shop at their local retailer.
Of course, gasoline prices are well off the early May highs, but at over $3.50 per gallon in most locales, a fill up still takes a considerable bite out of our wallets.
Until economic activity re-accelerates – and it still appears that the latest economic bump in the road will be short-lived – consumer confidence will probably remain under pressure, and caution will prevail at the nation’s malls.
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