NEW YORK TIMES: … Despite months of disappointing-to-dismal economic reports — capped by a Commerce Department release Thursday showing the economy had expanded at an annual pace of just 1.3 percent in the second quarter, barely above stall speed — a closely watched measure of consumer confidence surged to its highest level since February.
Economic experts pointed to several trends to explain how Americans were feeling better about the economy even though growth in jobs and the overall economy had weakened. First, the election is having a strong effect on economic perceptions. Second, though the recovery is weak, it has persisted, with employment and wages rising and some households feeling more secure…
On Tuesday, the Conference Board’s measure of consumer confidence surged to a seven-month high, trouncing economists’ expectations. Respondents in particular had a more favorable view of the job market going forward — with more consumers expecting employers to add positions in the coming months… (more)
