Iceberg ahead: precarious workers = precarious economy.
On December 12, Myles Udland reported the following in an article for Business Insider:
“Consumer confidence is at an almost 8-year high.
“On Friday, the University of Michigan’s preliminary consumer confidence reading for December came in at 93.8, the best reading since January 2007 and a complete blowout of expectations.
“According to Paul Dales at Capital Economics, this data coupled with Thursday’s strong retail sales report indicates that we are looking at the best holiday shopping season in nine years.
“And there’s a big reason why: confidence among the lowest wage earners is roaring higher.
“In an email on Friday, Deutsche Bank economist Torsten Slok circulated the following chart showing that confidence among those in the bottom tercile of household incomes—the lowest third of households — surged to the highest since 2005.
“This is a far larger increase in confidence that the headline reading, and Slok attributed this…
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