By Catherine McBreen
As late as April of this year, our Spectrem/Millionaire Corner research has indicated that investors didn't really feel like the Recession was over. While most of these investors had recovered losses sustained in the stock market, the real driver of their feelings was driven by two things: first, a significant number are small business owners or mid-upper level managers that didn't feel things were getting better in their companies, and second, the fact that most individuals believe the unemployment level needs to be below 7% before any recovery is a reality.
As we have continued to conduct our monthly research, the overall attitudes have not increased substantially. While we did see some optimism in the spring, the last few months the attitudes of investors have remained somewhat bearish. Affluent households have been weighing in a -9 on our Indexes. Technically a -10 or below is bearish....but gee, what do you think? Additionally, Millionaire attitudes keep dropping. This has always been concerning because as attitudes of Millionaires go...so goes the economy. This month their attitudes dropped to -5.
And when investors indicate that the Economy is the major factor impacting their households, followed closely by the Political Environment, it sure doesn't feel like the Recession was ever really over.
Who are these economists that said the Recession was over? Are they paid by the politicians to make us all feel better? I think it back fired.
And now with the current debacle in Washington, I don't anticipate anyone's attitudes....Millionaires or debt-stricken folks like myself...improving our attitudes anytime in the near future.