The UMichigan consumer confidence index dropped from from 76, the best number since January 2008, to 66.5, the lowest since August 2009, on expectation of 74.5. The expectations component came in at 60.6 versus expectations of 68.5, the lowest since March 2009, while the conditions index showed a reading of 75.5 versus expectations of 84.0, lowest since November 2009. The 1 Year inflation expectation rose modestly from 2.8 to 2.9. Altogether another economic data disaster.
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