Following record UMich misses, Gallup’s economic confidence collapse, the slump in the conference board’s measure of confidence, and Bloomberg’s index of consumer comfort signaling major concerns among rich and poor in this country (in spite of record highs in stocks), today’s Consumer Confidence data from UMich continues to confirm a problem for all those ‘hoping’ for moar multiple expansion. Falling for the 3rd month in a row, and missing expectations for the 2nd month in a row, this is the lowest confidence print in 2013. Perhaps even more worrisome for the ‘hope and change’ crowd is that the 12-month economic outlook has collapsed to its lowest since Nov 2011. It would seem that all that free money flooding our ‘markets’ has reached peak efficacy in terms of confidence inspiration, and as Citi notes, when this cycle has played out in the past, equity market corrections are often quick to follow…
