Rasmussen: Consumer confidence hits 2012 low
posted at 12:06 pm on July 26, 2012 by Ed Morrissey
Last week, Barack Obama told an Oakland crowd that the reason he’s running for a second term is because his economic plan worked:
In today’s OOTD, I scored the results against the plan itself — which doesn’t support Obama’s argument. I’m not the only person who gives it a failing grade, either. Rasmussen’s latest survey shows consumer confidence hitting a 2012 low:
The Rasmussen Consumer Index, which measures consumer confidence on a daily basis, fell another point on Thursday to the lowest level of 2012. At 78.5, confidence is down three points from a week ago, down three points from a month ago and down 11 points from three months ago.
Confidence is down 19 points from the highest levels of 2012.
However, while confidence is at a new low for this year, it remains well above the lows of recent years. The 2011 low was 58.1, and the all-time low was reached in 2009 at 54.7.
The Rasmussen Investor Index fell five points on Thursday to 89.1. Investor confidence is still up two points from a week ago. However, it is down two points from a month ago but is down 12 points from three months ago. Investor confidence remains five points above the lowest level measured for 2012.
What has gone up? Pessimism:
Most Americans now believe both the overall economy (54%) and their own personal finances (52%) are getting worse. Just 25% believe the economy is getting better. Twenty-two percent (22%) say the same about their personal finances.
Long term optimism about the economy has fallen to the lowest level ever measured by Rasmussen Reports. Just 40% expect the economy to be stronger in five years. That’s down from 46% a year ago, 50% two years ago, and 58% three years ago. Most believe the housing market will take more than three years to recover.
Gallup’s last consumer confidence level (measured weekly) showed a slight increase, although still very much in negative territory with a -25, down from a May peak of -16. Then again, Rasmussen’s consumer confidence levels last week also showed a slight increase, going from 81.4 on Wednesday to 86.5 on Monday of this week. Today’s 78.5 is a significant drop from that level, one which Gallup may also find by the end of this week.
So far, neither consumers nor investors concur with Obama’s claim to have delivered an economic plan that “worked” — a finality that definitely makes the claim a Mission Accomplished statement, rather than a plan still in process. Jim Geraghty wonders whether this latest claim on economic success in the wake of so much bad data will be worse than Obama’s claim that the private sector is doing fine:
Or for that matter, the “you didn’t build that” comment:
Actually, I believe these statements will aggregate together to build a narrative that Obama is hopelessly out of touch with Americans on the economy. The Romney campaign apparently agrees, as they have launched a new website today called “Built By Us,” featuring this new video:
The site invites small business owners to tell their stories of risk-taking, entrepreneurship, and hard work. We can expect to see more than a few of these stories featured in future Romney ads — and combined with the video of Obama’s victory lap in the face of failure, it’s going to present a powerful narrative of Obama’s cluelessness.
Update: Romney’s lead over Obama on the economy narrowed slightly in the last month, though:
Voters continue to have slightly more trust in Mitt Romney than in President Obama when it comes to dealing with the economy. The Republican challenger has narrower leads in trust over the incumbent on four other top issues regularly tracked by Rasmussen Reports, further highlighting the closeness of the race.
A new national telephone survey finds that 49% of Likely U.S. Voters trust Romney more when it comes to the economy, while 43% have more confidence in the president. (To see survey question wording, click here.)
Last month, Romney posted a similar 50% to 42% edge over Obama but was ahead 51% to 39% in May. The two men were virtually tied on the issue in early March.
This survey came after the “you didn’t build that” comment. Romney actually leads Obama on all of the issues polled by Rasmussen, but his lead on the economy is the only one outside of the margin of error.