USA Consumer Sentiment: Thomson Reuters / University of Michigan
Americans are becoming downright giddy, compared to sentiment lows in recent years. From a longer-term perspective, we are neither very optimistic nor very negative these days, but the Index of Consumer Sentiment reached a 4-year high in May. Consumer sentiment has decisively rebounded from the depths of the Great Recession. High gasoline and food prices stifle and remind consumers everyday their disposable income is slipping away, but at least we all have the latest Android or iPhone! We can text and surf away unto oblivion. 29% of households report their finances had improved, the same as a year ago, described as "dismal" by Reuters.
Some of the good is technology is changing life for the better, American spirit and entrepreneurship perpetually rises up through the government disincentives, the economy is muddling along with at least some jobs growth, the spring weather is nice, consumer sentiment has increased 9 consecutive months to a 4-year high, and maybe nothing really bad will happen for at least awhile.
Surely the EU sovereign debt crisis and the mess those silly Europeans created is not a preview of things to come here in the Land of the Free? Japan won't be the next to succumb to overwhelming debt, will they? Good Lord, us Americans are not that goofy to run up a huge debt we can't pay and be forced into fiscal austerity hell, are we?