A part of the current economic discussion in Spain has to do with the expectations of evolution of the economic situation. Since it is of waiting, the government insists on highlighting the information of the economic reality that, seemingly, point at changes of tendency, and the critics are in charge of insisting on the still very low levels of these indicators. In the same way, the government fights as to a nail burning to the information of opinion that reflect a change of tendency (towards the progress) in the expectations of evolution of the personal economy and the Spaniard in general.
In the above mentioned, in that thing about the expectations of the people, the government it takes those of winning, although it is only because the judgment on the economic situation and these expectations they deteriorated so much that éra almost impossible that they were deteriorating more, at least as they measure themselves in the surveys.
I revise next in detail some of these indicators, relative to the confidence of the consumers (this is, of the public in general). I use the published ones by the European Commission, since they usually attend to little in Spain. The graphs that they continue are prepared by public information proceeding from
this page (1).
Let's begin for the indicator consisted of confidence of the consumer that there publishes the DG Finance of the European Commission. Let's remember that it is based on four questions relative to the future economic evolution and her spent, whose detail we will see further on.
It is quite clear that the confidence of the consumers, like that measurement, is improving, both in the set of the European Union and in Spain, departing from levels "historically" very low in both cases, especially in Spanish. For Spain, the indicator would have returned at the levels of March, 2008, a moment in which this index was already falling down.
More interesting that this aggregate indicator can be to be fixed in the individual indicators that compose them and other questions not included in the indicator of confidence. We see them for the Spanish case.
Let's see first the relative ones to the financial situation of the hearth.
Since the judgment is seen on the financial situation of last year scarcely it mends, continuing in levels bajísimos, but the evolution expectations improve quickly. Really, the expectations had fallen down very much, to historical minimums, much underneath of those of the crisis of 1993.
Secondly, the judgment on the general economic situation in Spain.
Almost we can repeat the previous comment, therefore I will not do it :-)
Of the previous indicators, there intervene in the shape of the indicator of confidence those of expectations of evolution of the situation of the hearth and of Spain, not those of the past situation. Next we see another indicator that is not considered in this index, not in his version "towards the past" not in his "future" version. I refer to the perception of the behavior of the prices to the consumption.
The evolution of the indicator looks of reflecting the news on the IPC that are taking place month a month, although I have not verified it. It be fixed that, in recent times, it begins collapsing (that is to say, more and more people begin saying that the prices will not rise), I joust when the IPC begins collapsing in Spain, this is, in the last trimester of 2008. Or perhaps the fact is that, really, the nations began feeling in his daily buys this prices fall. Who knows. That should move so in parallel he makes me think that the future forecast depends very much of the current or past situation, and does not serve too much to watch what is going to happen with the prices.
Quarter, something seemed happens in case of the forecast of the evolution of the unemployment in one year.
It gives the impression of which the interviewees answer according to the most recent news about evolution of the unemployment. What is clear is that the expectations, even being denials, it are not so much like eight months ago. This indicator yes is used in the compound indicator.
In fifth place, let's see other questions that are not used in the compound indicator, relative to the predisposition to carry out buys called major, like electrical or electronic devices, furniture...
For the prompt thing, we observe that those who were saying that it was not the moment adapted for this type of buys ended up by being overcome by them in much those who yes believed it about November, 2008, although since then the forces have re-balanced enough in favor of the second ones. For his part, the predisposition to spend more in this type of buys the next year also fell down to minimums, but the subsequent recovery has been small, what he suggests that there will be supported the moderation of the familiar expense.
Finally, let's see the opinions about the saving. On this matter, we are provided with three questions. The first one refers to if the current moment is good or bad to save.
I do not know if there is any rupture of the series at the end of 2001, but, if it is not, it is clear that, since then, the opposite opinions to (very bad moment, not good moment to save) have tended to overcome the favorable ones (very good moment, quite good moment to save), coming the indicator at a few minimal levels about June, 2008. Later, it gives the impression of which the people have chosen to press the belt, recovering this indicator the levels of six years behind in May, 2009. Since then, nevertheless, it has fallen down again, and enough. Perhaps for the notable fall of the interest rates in the last months. The second one refers to the saving expectations next year, other of the subindicators of the index of confidence of the consumer.
The balance between those that they were estimating like probable to save in 12 following months and those who were considering it not probable began collapsing from October, 2007, more or less the date in which the indicator of already seen saving experienced the penultimate fall. The indicator fell down to his historical minimums, recovering again about the spring of this year, and being located at present in levels similar to those of the summer 2007.
The last question refers to the financial situation of the hearth at present. The indicator reflects the balance between those who say to save (great or small) and those who are "desahorrando" or incurring debts.
Since this balance is seen it deteriorated very much from May / June, 2008, going over to minimums, almost historical, at the beginning of the year 2009. Since then a shy recovery is observed. In general, it gives the impression of which the indicators on the situation current or past continue in quite negative levels, even having improved something from the minimums. On contrary, the questions on what it is waited (he wishes?) of the future reflect a major enough recovery. As he was saying to them at first, some and other politicians will insist on a few or other indicators as they should serve to them. Here, in Wonkapistas, we all offer them to him so that you do your own place composition to themselves.
__________ (1) they count The construction of the indicators
here.