Consumer sentiment

Last month, the Administration touted the 10-point increase in the University of Michigan Consumer Sentiment Index as a strong sign that the economy was heading upward. This chart shows the path of the Index since 2000, and it does indeed show a strong dip, with a strong rebound in the last few months, culminating with an eleven-point gain, to 103.8, in December.
Imagine the Administration's chagrin when, in the latest report, the Index fell by ten percent, giving back all but one of those points.
Consumers are wary. Of the economy, of their own prospects and, no doubt, of Bush.