So we’re losing momentum, huh? When did this miserable Obama economy ever have any?
The index of U.S. leading indicators unexpectedly declined in March, and manufacturing in the Philadelphia region slowed this month, adding to evidence the economy will cool.
The Conference Board’s gauge of the outlook for the next three to six months fell 0.1 percent last month, the first drop since August, the New York-based group said today. The Federal Reserve Bank of Philadelphia’s factory index eased to 1.3 in April from 2 the prior month, another report showed.
While the world’s largest economy is losing some momentum from the effects of a payroll tax increase and concern over federal budget cuts, there is reason to believe any slump in household spending will prove temporary. The Bloomberg Consumer Comfort Index today showed consumer confidence shot up last week to a five-year high.
Gee, who knew the Obama payroll tax would hurt anyone?