Consumer buy-in needed for recession to be “officially” over...
Energy prices were volatile yesterday (Tuesday). The Nymex liquids continue to consolidate; it seems the disappointing consumer confidence number was not enough to scare away the bulls. Meanwhile, natty rallied as the contract for October delivery went off the board.
With the product contracts expiring tomorrow, analysts at The Schork Reportare looking for large erratic movements in the wake of the DOE report — in the vicinity of a 0.70 MMbbl draw in crude stocks.
“Overall, consumers’ confidence in the state of the economy remains quite grim,” Lynn Franco, director of The Conference Board Consumer Research Center… and that is putting it mildly.
Yesterday, the research association’s index of consumer confidence plunged by 4.7 points to a seven-month low of 48.5. The National Bureau of Economic Research (NBER) officially called an end to the Great Recession in June 2009, but occupationally-challenged consumers apparently did not get the memo. Confidence this month is 0.8 points below then.