The The Conference Board Consumer Confidence Index official press release is here.
IBD explains:
Analysts had predicted the Conference Board's Consumer Confidence Index would climb to 70 in May. Instead it dropped more than four points to 64.9, the biggest drop since last fall.
It's the latest in another round of disappointing numbers. Just a few weeks ago, new jobs came in "unexpectedly" low. And before that, GDP data disappointed.
Underperforming economic indicators have been so common under Obama that the only mystery is why the experts keep getting caught off guard.
In the case of the Consumer Confidence Index, the current number — bad as it is — doesn't even tell the whole story.
First, it's worth noting the index has fallen for three months. Even if it had hit forecasts, it would still be well below 90, which signals a healthy economy.
The current reading is worse when you realize that under President Bush — you know, the guy who Obama says ruined the economy — confidence averaged 88.
That's despite two recessions, a terrorist massacre and two long wars. Throughout Obama's "recovery," the index has averaged 57.
Those that believed Obama's pretty promises of hope and change probably didn't expect this is what he meant by "change", but there you have it.
