Consumer confidence in America dramatically exceeded expectations today – posting its biggest jump in six years.
Does this mean an economic recovery is right around the corner? Or is it merely pent-up demand producing a brief bout of … wait for it … “irrational exuberance?”
We shall see …
Either way, the Conference Board’s “sentiment index” soared to 54.9 in May – or well above the 42.6 median estimate compiled in a recent Bloomberg News’ survey of economists.
And from a report filed today by the aforementioned Bloomberg, we read:
The 28-point jump in confidence over April and May is the biggest two-month rally since records began in 1967. The measure reached its lowest point ever in February, with a reading of 25.3.
Good.
And while it’s clearly way, way too soon to declare that a ray of light is poking through the clouds, after months of shrinkage, it would be nice if the U.S. economy was indeed ready to play a little game called “just the tip.”
You know, just for a minute … just to see how it feels …
By Liberty for me May 27, 2009 at 2:37 pm
WOOO HOOO!!….Its all roads of gold and fields of daisys from here on out!! UH Until the inflation hits from all the bailout trillions.Then we will be fighting over food scraps.
By Recovering Lobbyist May 27, 2009 at 5:00 pm
Think in terms of years, not months, for a recovery. The housing market is not turning around. It may have bottomed, but the climb back will be long. Inflation should be a major fear for all of us. Unemployment is still very high, and the job cuts are still coming. And make no mistake, the Dems in Washington have some big tax increases in store for us. The light we see at the end of the tunnel is a train. Drink heavily while you can still afford beer.