Reality begins to sink in for GOPer economic confidence
Reality begins to sink in for GOPer economic confidence
While we are waiting for tomorrow’s employment report, here’s a little something to chew on. In the immediate aftermath of the Presidential election — as in, by the end of that week — Gallup’s measure of economic confidence soared, from its 2016 average of roughly -10 to a positive number and to nearly +10 by the end of November: In fact, while the confidence of Democrats sank, the confidence of GOPers skyrocketed even more. Since I have very little faith in the GOP agenda to deliver any uptick in growth, I have been watching and waiting for this confidence to ebb. It did somewhat beginning in March, but never to the point of coming close to that in the final year of Obama’s term. (For the doubters, consider George W. Bush’s economic policies. Despite being the most right-wing since the 1950s, we had the weakest post-War jobs and wage growth on record, and a weak GDP to boot. Where was the trickle-down?) Until last week. Last week Gallup’s economic confidence index fell to -7: As shown in the graph, it has since rebounded. But it appears that after half a year of accomplishing absolutely nothing legislatively, the reality that the economy really hasn’t changed at all — in fact it may be waning just a bit — is beginning to sink in.
Except that isn’t what production is saying. There is a boom in tech and arms manufacturing(which just started late last year).
I am still waiting for the BLS to acknowledge the raises that occurred in at least 3 industries I deal with. I have not seen anything in the broken down segments. Where are they getting this “data”? Do they even know what is going on? Are they still stuck back in late 16 with data?
Consumer confidence SHOWED the raises last winter. The BLS had this same issue in 2005 when raises were planned and yet they showed nothing to October.
A production boom is fine until the inventories don’t clear. September to January is where the pudding’s at.