Consumer sentiment plummeted in the past two weeks to the lowest levels since Lehman. The index from the University of Michigan fell from 76 in early July to 66.5 in late July.
How’s that recovery look now?
A 9.5 drop has happened only 6 times in the 32-year history of the survey, according to MarketWatch:
- October 2008: The month after Lehman Bros. collapsed;
- October 2005: The month after Hurricane Katrina hit;
- September 2001: The month terrorists attacked America;
- August 1990: The month Kuwait was invaded;
- December 1980: ?
- March 1980: The month the stock market plunged and confirmed that the nation had entered a recession.
For the market — which is sliding fast — this underlying pessimism has subsumed bits of good news for BP and Goldman and companies reporting Q2 earnings.