Those who blasted me for acknowledging that yesterday’s payroll job numbers were bad news will be pleased at this: “Consumer confidence surges to highest level since January”:
Consumer confidence surged during the past month to its highest level since the beginning of the year, with Americans feeling better about their own finances and more optimistic about the future despite renewed terror threats and rising oil prices.
Consumer confidence has been rising for the past four months as the economy has been on a solid path to recovery.
The AP-Ipsos consumer confidence index climbed to 104.8 in August, up from 92.0 in July, led by consumers’ perceptions of their own finances and optimism about the future.
The economy is doing fine and, if left alone, will continue to do fine. At this point, it’s all about perceptions. As the linked article notes, most peoples’ opinions about the economy are driven by their own observations more than newspaper headlines. Let’s hope so.