Brian Wesbury and Bob Stein of First Trust Advisors raise an interesting conjecture (bold is mine):
That, I think, is the message from today’s big jump in consumer confidence. The Conference Board’s index vaulted by 14.1 points in May, following a gain of 13.9 points in April. The overall index now stands at 54.9. That’s double the February level of 25.3, a level which looks more and more like the nadir. But there is one whole long stretch of road between economic Armageddon and a robust recovery. We have avoided the former but we are nowhere near the latter. Let me know when consumers start spending ….