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Confidence is up but still very low




Expanding on my thoughts in the previous post, I offer this chart with the latest figures on consumer confidence. Although confidence is close to a post-recession high, it is still abysmally low from a long-term historical perspective. Nobody is very excited about what is going on in the economy these days. To judge from this and other things (e.g., 10-yr Treasury yields of 2%), confidence in the future is still awfully weak. In fact, today's reading on this index is consistent with—if not weaker than—the readings we saw during prior recessions. There is still plenty of pessimism out there.

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