Consumer confidence took a “surprise” tumble in May, as home prices hit 10-year lows. Tell us again why economists keep calling bad economic news about Obama’s so-called recovery “unexpected”?
Analysts had predicted the Conference Board’s Consumer Confidence Index would climb to 70 in May. Instead it dropped more than four points to 64.9, the biggest drop since last fall.
It’s the latest in another round of disappointing numbers. Just a few weeks ago, new jobs came in “unexpectedly” low. And before that, GDP data disappointed.
Underperforming economic indicators have been so common under Obama that the only mystery is why the experts keep getting caught off guard.
In the case of the Consumer Confidence Index, the current number — bad as it is — doesn’t even tell the whole story.