Nolte: Economic Confidence Plummets to 8-year Low in May
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Summary
How did we go from two months of improving economic confidence to something so sharply opposite that “reversal” hardly seems like a strong enough description?Rasmussen speculates the “cause as (a) continuing inflation and (b) the March-April numbers getting an artificial boost from early tax refunds, followed by a sharp decline when millions of late filers discovered they were going to owe the IRS money this year.”That, of course, makes perfect sense. I would only add the following: The spike in gas prices this month was shocking.
As said here by John Nolte