Consumer Confidence… Sharp Surprise Higher After Very Weak Durable Goods
February 28, 2012 by Jon C. OggConsumer Confidence measured from the Conference Board is significantly better than the prior month and versus economist expectations. The Conference Board issued a report for February at 70.8, up from 61.5 in January and above the consensus economist estimate of 64.0 from Bloomberg. To show how much better this reading was, the range of Bloomberg economists surveyed was only 62.0 to 67.0.
With such a dismal January durable goods order this morning, you have to wonder where the discrepancy took place in the numbers. Maybe the durable goods were pushed out a month?
This is actually the highest consumer confidence reading in about a year. Stocks were negative after such a weak durable goods report, but now the market is above the 13,000 mark again on the Dow Jones Industrial Average (barely).
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