Econintersect: The Conference Board announced the latest Consumer Confidence Index stands at 60.6, stronger than anticipated. This is a level not seen since May 2010. Expectations had ranged from 50 to 57.3, according to Bloomberg.Analyst Doug Short (dshort.com) has pointed out at GEI Analysis that, even though improved, consumer sentiment remains at levels associated with the bottoms of previous recessions even though officially The Great Recession has been over for more than 1 1/2 years.
Bloomberg indicates that a poor housing market and a bad employment situation, the Federal Reserve is not likely to react to the improved sentiment numbers by reducing stimulus. A Fed announcement is scheduled for tomorrow.
Sources: GEI Analysis and Bloomberg.
