Consumers Most Negative on U.S. Economy Outlook Since Recession

Scrolling through some month old data my how a month can change.  This Bloomberg article detail how low consumer sentiment has gotten especially since the last recession.  

• The Bloomberg Consumer Comfort Index’s monthly expectations gauge dropped to minus 45, the worst reading since February 2009. The weekly measure of current conditions was minus 48.4 for the period ended Oct. 16, up from minus 50.8 the prior week that was close to a record low.
• The Bloomberg comfort index, which began in December 1985, has averaged minus 46.1 this year compared with minus 45.7 for all of 2010 and minus 47.9 in 2009, the year the recession ended, the report showed.
• Other data point to erosion in confidence. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped in October as Americans’ outlooks for the economy and their finances slumped to the lowest level since 1980.

However when you read the papers today or listen to the news you hear all about the record breaking Black Friday turnout.  Maybe it's just me but it feels like very year is bigger and actually physically more violent than the year before with a few years thrown in as exceptions such as 2008's low turnout.


Personally I stayed in and can't remember the last time I was out shopping on a Black Friday weekend.  Today as you know is Cyber Monday and I can just imagine how well today will go for retailers.  Combine these events with yet again of hope of a solution (not counting on it) out of Europe and you had an explosion in the major indexes today with the NASDAQ leading the way with a 3.5% gain.


Who knows what to expect tomorrow but if you follow the markets at all you know that most of the action usually occurs at the beginning and end of the day.  Today was the 10th time this year that the DOW gained at least 250 points.  As a point of reference there were only 5 occurrences last year.  Let the volatility yo yo continue.