Recession Ends, No One Notices
If the recession’s over, maybe no one told the economy.
That’s one conclusion from the latest ABC News Consumer Comfort Index. In last week’s results, optimism for the economy’s future reached its lowest since March 2009. This week, the CCI’s index of current conditions stands at a dismal -46 on its scale of +100 to -100.
That’s even though the National Bureau of Economic Research declared last week that the recession ended in June 2009. Clearly, the public’s economic yardstick is a different one. [snip]
This week 89 percent of Americans rate the economy negatively, 75 percent say it’s a bad time to spend money and 55 percent rate their own finances negatively. The CCI’s -46 compares to a record low -54, a record-high +38 in early 2000 and a long-term average of -13. Recession or not, we’re still in the weeds.