The Reuters/University of Michigan sentiment index rose last Friday that consumer confidence grew to 75.5. The figure was better than most forecasts. The news caused a sharp market rally, but the U Mich numbers are fickle and may not be right at all.
The Gallup Economic Confidence survey, which is taken daily and presented on a three-day rolling average indicates that American are actually becoming more pessimistic about their prospects.
The figure fell three points last week. Notice the drop in the number of people who believe the economy is getting worse.
Douglas A. McIntyre
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