Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about the Early Look.
Realizing that some people are highly un-confident about President Trump (many were about President Obama too), what shocked the US Growth “is fake” bears was yesterday’s US Consumer Confidence data:
- US Consumer Conference Board Consumer Confidence #Accelerated from 120.0 in July to 122.9 in August
- US “Consumer Present Situation” confidence ripped to a new cycle high of 151.2 in August vs. 145.4 in July
As you can see in today’s Chart of The Day, what US Consumers are feeling and thinking is A) dramatically different today than it was before the election and B) better, sequentially, at the end of the summer of 2017 than it was at the beginning.
Not that US GDP, profits, and jobs #accelerating would trump what people feel about the clown-show in D.C. or anything, but I can assure that as this time-series of US consumer confidence readings rolls over, bears will call it real news again.
