Thanks to a small downward revision in September’s data, October’s Conference Board consumer confidence data rose to 137.9 (above expectations) – its highest since September 2000.
Current and future expectations both soared in October – despite the equity market collapse…
Led by ‘rich’ Americans who have not been more confident since the dot com bubble…
The ‘Jobs’ Market is at its strongest since Jan 2001…
Those claiming jobs are “plentiful” increased from 44.1 percent to 45.9 percent, while those claiming jobs are “hard to get” decreased from 14.1 percent to 13.2 percent.
Finally we note that the gap between the exuberance of the present situation and future expectations has perhaps started to rollover but is at levels that in the past have triggered a recession (as over-exuberant hope collapses)…
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