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‘The world’s most useless economic statistic’

Bloomberg reports that U.S. consumer confidence is almost back to pre-recession levels. But is that actually good news? Over at the Big Picture, James Bianco says it’s not clear why “consumer confidence” is a useful metric. It’s not correlated with jobs. Or retail sales.

New jobless claims drop; retail sales rise

The number of newly laid-off Americans filing jobless claims fell more than expected last week and retail sales grew in May for the first time in three months, fresh evidence that the worst of the recession may have past.

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