Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The consumer has lost confidence in the economy, just in time for holiday shopping. Since seventy percent of GDP is derived from the consumer, this is a cause for concern.
The Conference Board’s consumer confidence index dropped to a five-month low. The expectations index, a measure of confidence in income, business and the jobs market, also fell.
These levels defied economists’ forecasts. The expectations index is approaching the level that is considered a signal of a recession.
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