Confidence among U.S. consumers unexpectedly improved in August, boosting the prospect of stronger household spending this quarter. The Thomson Reuters/University of Michigan preliminary August index of consumer sentiment increased to 73.6, the highest level since May, from 72.3 the prior month. The gauge was projected to be little changed at 72.2, according to the median forecast of 72 economists surveyed by Bloomberg.In the same article:
After two months of sliding sentiment, August’s advance indicates consumers may be feeling the benefits of growing payrolls. Rising confidence raises the odds households can sustain July’s pickup in retail sales, which set the pace for stronger growth in the third quarter.In addition, both the S&P and the Dow are on the verge of reaching their high points since December 2007 (a year BEFORE Bush left office and eight months before the financial crisis!). And the NASDAQ is already higher than it ever was under Bush. I don't care how much we may hate (for good reason!) Wall Street -- this is excellent news! The economy improving means that perhaps people who are suffering will have a chance to get a job. Additionally, consumer confidence and the S&P both have an impact on Presidential elections. Nate Silver's model factors in both.
And what does this all mean? Not only do the chances for Romney/Ryan fade into the sunset, but the whole GOP slate, Senate, House, and state-level, can watch their hopes of power receding.
The GOP thought they'd win the election by blockading Obama's measures to improve the economy. It has hurt America terribly. But in the end, the economy is, despite all GOP efforts, improving at just about the worse possible time for these thugs.
So let's see in the poll below how our "consumer confidence" is...