It was just earlier this week that a bunch of irrelevant confidence trackers said that US consumer confidence had hit 3 year highs. Oddly enough, ground data not only does not confirm this data, but says it is merely more baseless propaganda. According to Gallup, which actually knows how to poll, "Americans have become much less confident in the U.S. economy over the past two weeks, with Gallup's Economic Confidence Index falling from -18 to -30 during that span. The -18 Index score from two weeks ago was the most positive Gallup had measured in the last three years." And as we suspected when we reported the latest confidence data "These results ... indicate the Thomson Reuters/University of Michigan Index of Consumer Sentiment, released Friday but based mostly on interviewing from early and mid-February, was essentially out of date when it was released. The Index of Consumer Sentiment showed consumer confidence to be the highest it has been since January 2008, similar to what Gallup showed two weeks ago. But Gallup's latest weekly update suggests consumer confidence has fallen back to where it was in early December." Luckily bad news no longer matters.
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