Friday, March 11, 2011

Consumer Sentiment Drops In March

There have been signs that all is not well with the U.S. economic recovery, and the latest University of Michigan Consumer Sentiment survey backs that impression up. Instead of an expected slight fall, the survey number tumbled to 68.2 from February's 77.5.

Adding to the disillusionment, although indirectly due to the time lag, was a drop in job opening for January. From 2.9 million in December, openings fell to 2.8 million. There's now about five unemployed people for each job opening. On the positive side, separations (layoffs, firings, etc.) dropped in January too.

Gold didn't react much to these data initially, but a slight fall was followed by a fairly quick climb to $1,415.00. There was a morning spill earlier, but it failed to make a new daily low and the metal recovered from it.

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