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Strategies & Market Trends : Currents of Currency

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From: Ahda	5/29/2015 12:55:55 PM
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Article from Bloomberg comments from you know who . Consumer confidence in the U.S. fell to a six-month low in May as Americans became less sanguine about the prospects for the economy. The University of Michigan said Friday that its final index of sentiment for the month decreased to 90.7 from 95.9 in April. It marked the biggest decline since the end of 2012. The median projection in a Bloomberg survey of economists called for 89.5 after a preliminary May reading of 88.6. Household concerns that the economy is stumbling and wages will be slow to increase combined to depress spirits at the same time gradually rising gas prices took a bit more of consumers’ incomes. Continued improvement in the labor market that includes greater job security probably needs to be accompanied by pay gains to encourage more spending and propel growth. People are requesting higher wages and that corporate/company increase has to come from higher cost products, refinement of costs or decreased cost of administration or decreased head count and increased robot use. Present CA minimum wage of $9.00 per hour without deductions can purchase one loaf of artesian bread and a half ballon of organic milk. “The index is still quite high,” Richard Curtin, director of the Michigan Survey of Consumers, said on a conference call after the figures were released. During the last half of the month, “I expected confidence to inch upward and I still think that is likely over the months ahead.”

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