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In yesterday’s employment post there were three key words that I highlighted that reflect the trends in the labor market according to some recent consumer surveys  – DECLINED, WEAKENED and DETERIORATION.  Having said that, it should be no surprise that another index of consumer confidence (on the state of the U.S. economy) fell last week. 

After yesterday’s close it was reported that the ABC consumer confidence index fell to -47 in the week ending Dec. 6, down 2 points from a week earlier (a reading below zero means the number of negative responses is greater than the number of positive responses). 

The DOLLAR index closed yesterday at 76.19, up 0.6% on the day, and over the last three trading days the DXY is up 2.1%.  Also, the XLU has been outperforming by a country mile over the past week.  The SAFETY trade is in full force… 

Howard W. Penney

Managing Director