Soaring gas prices dueled with soaring stock prices to leave University of Michigan Consumer Sentiment and it appears the former won.
Printing at the weakest level since Oct 2014, UMich dropped to 88.6 (vs 95.9 expectations). This is the biggest miss on record.. and biggest MoM drop since Dec 2012.
Both current conditons and expectations plunged despite surges in inflation expectations. Higher income expectations are starting to plunge – at their lowest in 7 months – and household finances are seenas the worst since July 2014.
And finally, the survey’s spokspersonsays that respondents showed “concern over employment.”
Higher gas prices crush confidence… and stocks don’t matter