Consumer Confidence at 12 Year Low

Chris shrugs off consumer confidence hitting a 12-year low (65.2)—blaming media fearmongering post-stock correction. He says packed restaurants nationwide show people are still spending, not panicking. Don’t trust the surveys! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Consumer confidence at a twelve year low. Not good, not good,
but maybe not so bad. The monthly confidence index of
current conditions slipped to ninety two point nine. The measure
for future expectations fell nine point six points to sixty

(00:37):
five point two. That's the lowest reading in twelve years,
well below the eighty level that is considered a signal
for a recession ahead. What is this, this consumer confidence
index all about that they talk about outlook for income,
business and job prospects. Well, what's taken place over the

(01:03):
past several weeks. We had a pretty sizable stock market correction.
You've had a lot of talk in the mainstream media
about an economy that is slowing and weakness ahead and
storm clouds ahead, and that's again and again and again.

(01:27):
And the reality of the situation is people react to that. Again.
This is the survey that it's done, and people, unfortunately
they they oftentimes don't see the forest for the trees.
They'll listen to what they're told and they'll say, yeah, yeah,
I mean things are pretty bad out there. Well, you know,

(01:48):
stocks are down. You know what my outlook is just
you know, it's dim because of this. I get it.
I get it. The funny thing is, though, I speaking
my perspectives. You know, we've clients all over the country,
many urban areas, suburban areas, and it gives us a

(02:11):
good feeling of what's going on. And I talk to people,
I have my my various different ways of looking at
how things are going. And many of the people tell
me the same thing. You want to go out to
dinner on a Friday or Saturday night in your town,
you don't have reservation, You're not getting in, you are

(02:33):
not getting in. I'll I'll use where I live right now.
You don't have a reservation on a Friday, even Wednesday, Thursday,
everything's packed.

Speaker 1 (02:47):
Packed.

Speaker 2 (02:50):
I go through certain areas of Hyde Park in Tampa,
big heavy restaurant or middle week packed, and I get it.
People say, well, you know, oh, spring break, Tampa's not
a big spring break place. You know, the beaches, clear
Water and Saint Petersburg. It's here or there. I hear
the same thing people in New York City, other various

(03:12):
different areas all around the country saying the exact same thing. Again.
People respond to these surveys and well, that's what they're
being fed. At this point in time. My brokerage account
statement is down. Boy, things could be get tough. It
could be getting tough moving forward. What about these tariffs?

(03:34):
Are telling us this could be damaging, and they react
to that. This is why I don't put, ever, ever, ever,
put much stock in consumer confidence numbers. It is a
short term popularity contest, nothing more, nah thing less. Watchdog
on Wall street dot Com