Fading Optimism Sparks Consumer Sentiment Retreat

Up down, down up … Our sideways economy. How long can it last, asks the Fed.

cnbc.com …

U.S. consumer sentiment retreated this month after reaching its highest in nearly six years in May, a survey released on Friday showed, as household optimism about employment and housing faded slightly.

The Thomson Reuters/University of Michigan’s preliminary reading on the overall index on consumer sentiment fell to 82.7 in June, below a near six-year high of 84.5 in May. Economists polled by Reuters had expected it to hold at 84.5 this month.

Read more at cnbc.com …

Or why did the great Obama depression last so long …

P2P Drops In May According To GALLUP

As the world waits breathless for some Goldilocks print in tomorrow’s non-farm payroll data, Gallup’s most recent survey of employment trends does not paint a pretty picture for the real economy. Though, by the ‘adjustment bureau’ and their Arima-X goal-seeking, nothing is ever clear, not only is the payroll-to-population (the number of people working) worse than a year ago but the unemployment rate is also rising with under-employment – at 18.0% – near 15 month highs. If the NFP print plays out in line with this, the estimate of 165k will be woefully over-optimistic, leaving the question of whether bad-is-good, or have we crossed the Rubicon of belief in moar is better.’

The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, worsened in May, dropping to 43.9%, from 44.5% in April. P2P is also down from May 2012, when it was 44.4%

The decline in P2P versus 2012 indicates that fewer people worked full-time for an employer this May compared with a year ago. The 43.9% found this May is similar to the 43.7% recorded in 2011 and 44.0% in 2010.

Gallup’s P2P metric is an estimate of the percentage of the U.S. adult population aged 18 and older who are employed full time by an employer for at least 30 hours per week. P2P is not seasonally adjusted.

Bailout Sales Success

From a Chrysler press release

Jeep brand sales were up 24 percent in May compared with the same month a year ago, the brand’s best May sales performance in 12 years and its 25th-consecutive month of year-over-year sales gains. The Jeep Wrangler, the brand’s volume leader for the month, set an all-time sales record in May with its solid 44 percent sales increase. May sales of the Jeep Liberty mid-size SUV were the best since 2007.

Sales of the Jeep Grand Cherokee, the most awarded SUV ever, increased 40 percent in May, the model’s best May sales since 2005. For the second year in a row, the Grand Cherokee was named “Premium Mid-Size SUV” in AutoPacific’s “2012 Best in Class Vehicle Satisfaction” Awards. Also in May, the Jeep Grand Cherokee SRT8 was named “Performance SUV of Texas” at TAWA’s Texas Auto Roundup.

He Can Be Beat: Romney, Republicans raise $76.8 million in May

Republican presidential candidate Mitt Romney and Republican groups raised more than $76.8 million in May, his campaign said on Thursday, topping the $60 million President Barack Obama and his Democratic allies hauled in.

The Romney campaign and Republican National Committee have $107 million cash on hand, the campaign said.

The Slowly Recovering, Recovery, Slows Again, For Obama: Unemployment went up To 8.2%

Even the BLS couldn’t lie this away … Sad. Since it doesn’t have too be.

US economy added 69K jobs in May, fewest in a year … US economy added 69,000 jobs in May, fewest in a year; unemployment rate rose to 8.2 percent.

the unemployment rate was essentially unchanged at 8.2 percent

Unless you are unemployed, which ‘essentially unchanged’ means, you still don’t have a job. as our slowly recovering recovery slows. Which then means that the unemployment rate went up ….

You know it’s getting really bad, when even the lies won’t hide the truth. Show us where the jobs are? Show us who is investing in new businesses.

The Labor Department also said Friday that the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record, suggesting investors are flocking to the safety of U.S. government bonds.

The price of gold, which was trading at about $1,550 an ounce before the report, shot up $30. For much of the past three years, investors have seen gold as a safe place to put their money during turbulent economic times.