Consumers Forecasting Recession
Consumers are now forecasting a recession. The Thomson Reuters / University of Michigan final index of consumer sentiment was released today. The index fell to levels not seen since the height of the financial crisis. The expectations component of the survey plummeted to a three decade low. In the almost 60 year history of the Michigan consumer sentiment survey, every time the index dropped below 60 as it did in August, the economy was in recession.