Consumer Confidence Hits 7 Month High

     There was an interesting Gallup report a few weeks ago that had shown a sudden huge spike in consumer confidence. It seems that this was largely driven by Democrats more optimistic after watching the DNC in Charlotte.

     This morning there's strong data for an increase in consumer confidence. In addition, home sales have risen for the 6th straight month:

     "U.S. consumer confidence jumped to its highest level in seven months in September as Americans were more optimistic about the job market and income prospects, a private sector report showed on Tuesday."

      The Conference Board, an industry group, said its index of consumer attitudes rose to 70.3 from an upwardly revised 61.3 in August. It was the highest level since February and topped economists' expectations for 63, according to a Reuters poll.

August was originally reported as 60.6.

    "Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months," said Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

    "The expectations index climbed to 83.7 from 71.1, while the present situation index gained to 50.2 from 46.5."

     "Consumers' labor market assessment improved. The "jobs hard to get" index slipped to 39.9 percent from 40.6 percent the month before, while the "jobs plentiful" index rose to 8.3 percent from 7.2 percent."

     "Looking six months ahead, 16.3 percent expected income increases, up from 16 percent, while 14.1 percent anticipated decreases, down from 16.7 percent."

     "Consumers also felt better about price increases with expectations for inflation in the coming 12 months down to 5.8 percent from 6 percent."

     http://www.cnbc.com/id/49162591

      We know the one guy in America not happy today: Mitt Romney.

       Housing also continues to improve:

      "Economists are saying it, and now even some Americans are saying it."

       "After falling to depths not seen since the Great Depression, the U.S. housing market may finally be rising from the ashes.

       "It may not seem like a lot, but 27 percent of Americans believe the value of their homes will increase in the next year, according the CNBC All America Economic Survey.

       "That is the highest percentage since 2007 and the third straight quarter that such optimism has gained. (Read More: CNBC Poll: Economy's Worse, but Obama Favored to Fix It.)

       “Overall the housing industry has come back,” said Standard and Poors’ David Blitzer, commenting on Tuesday’s release of the latest S&P/Case-Shiller home price indices. “We might finally get a little boost to the economy from the housing sector.”

        "Home prices in the nation’s top twenty markets rose 1.2 percent in July from a year ago, according to S&P/Case-Shiller. (Read More: US Home Prices Rose for Sixth Month in a Row: Case-Shiller.)"

 

        http://www.cnbc.com/id/49163485

 

        The job market has come back enough at least-that I have a job again! Selling Slomins' oil! but my confidence was up even before getting this job a couple weeks ago.  I do think there's no question that the next 4 years will be a lot better.

 

         It often seems like my own personal fortunes coincide with the larger  macro picture. I lost my security job back in May just when the economy was weakening during the second quarter.

 

         Mind you, I lost the job not through downsizing but letting in a truck that turned out to be a repo man! Hey, look, I got my care repoed last year, but did anyone got fired for that? LOL

 

         Now I'm back in the workforce and things are getting better. Most Important is re-electing the President. It seems the country is more and more understanding this which is shown by the spike in confidence.