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May 31, 2006

Link of the Day

Dean Baker explains why those "consumer confidence" numbers the media puts so much stock in the news always touts doesn't matter.mean so little.

May 31, 2006 | Permalink

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Baker: The index probably does give useful information about public attitudes, which can make a big difference politically...

Funny how good index readings are trumpeted by the party in power for the month they are current, and never mentioned or spin-discounted the next month when the index drops substantially. And vice versa for the party out of power.

The index is a veritable pinata, with both parties taking turns at bat, month by month. Sound and fury, signifying very little. Its effect on the stock market seems to last about 2 hours.

Have consensus studies been done by business or economic forecasters showing the index makes any real effect on business/economic (as opposed to political) decision-making, or personal purchasing decisions?

Posted by: JimPortlandOR | May 31, 2006 5:38:53 PM

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