by Calculated Risk on 5/16/2008 10:38:00 AM

I don't spend much time looking at consumer confidence, because for the most part it tells you what you already know. And right now confidence is saying that for most Americans these are tough economic times.

But this is pretty impressive Cliff Diving ...

Click on graph for larger image.

According to the University of Michigan, consumer confidence in the U.S. fell to 59.5 in May, the lowest level since June 1980 (58.7). Confidence was at 62.6 in April, and 88.3 last May.

This is lower than for the recession of '81/'82 (with double digit unemployment), the recession of '90/'91, and the recession of '01. Once again, the current recession is "probable".