The University of Michigan's Consumer Sentiment Index fell to Lowest Reading in a Quarter of a Century.

The University of Michigan’s Consumer Sentiment Index fell to its lowest reading since March of 1982. It came in at 63.2 which is lower than the lows reached during the last two recessions. During the recession of 1990 it hit 63.9 and during the recession of 2001 it reached 81.8.

Also affecting the market today was GE’s drop in earnings. GE is considered a bellwether stock for the US. GE’s Earnings Per Share had increased over the prior year by an average 11.8% for the last 3 years. Last Quarter, GE reported record earnings of $0.68 a share which was 19.3% over a year prior.

It looks like we are staring a recession right in the face.

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