Consumer Confidence Drops Unexpectedly

Today the conference board reported that consumer confidence dropped unexpectedly to 47.7. When this reading is at or above 100 it signals stable growth within the economy. With nearly 70% of the overall growth of the economy dependent on the consumer, this report does not coincide with Wall Street's over-exuberant outlook for the next several months.

Final thought: the Consumer Confidence reading confirms our cautious economic and stock market outlook for the foreseeable future.

by David A. Mascio