The leading economic indicators coming out of the executive branch continue to be suspect, either by hook or by crook. The only economic policy the OBiden regime has is to destroy the American economy, so why would anyone believe what they are putting out anyway? Just like Biden’s Bejing masters, the numbers smell.
That being said, Wall Street still needs something to trade on, so the numbers keep coming. Many of the economic releases simply don’t make sense however.
Following an ‘odd’ stabilization in April (given the collapse of most other sentiment signals), analysts expected The Conference Board’s consumer confidence measure to deteriorate notably in May… but it barely budged..., wrote Zero Hedge.
The headline Conference Board confidence print dropped from 107.3 to 106.4 (better than the plunge to 103.5 expected).
Finally, who exactly is The Conference Board interviewing? Because it’s not the same people who UMich are surveying…
Home prices, a lagging indicator, continued to rise, but that is not expected to continue much longer as mortgage rates increase.
Housing Price Index (MoM) (Mar) printed at 1.5% vs 1.8% consensus estimate.
S&P Case-Shiller Home Price Indices (YoY) (Mar) printed at 21.2% vs 20% estimate.
Chicago Purchasing Manager’s Index (May) printed at 60.3 vs 55 estimate.
Consumer Confidence (May) printed at 106.4 vs 103.5 estimate.
Dallas Fed Manufacturing Business Index (May) printed at -7.3 vs 4.9 estimate.