Consumer Confidence Soars in July

You may notice that the Democrats aren't talking much about the economy these days. That's because unemployment is near record lows, interest rates are stable and may start falling again soon. Inflation seems not to be much affected by the rise in oil prices (which hit another record yesterday at more than $78 per barrel at one point). And even though the real estate market is in flux (with real problems in the sub-prime lending business), the American people seem to have taken that in stride. In fact, Americans are more optimistic about the economy now than they have been at any time for the last six years: Consumer confidence in the U.S. jumped more than forecast in July to the highest level in almost six years, suggesting the June slowdown in spending could be temporary. The New York-based Conference Board said its index of confidence soared to 112.6 from a revised 105.3 in June. Economists had expected a reading of 105 for last month. In another report Tuesday, the Commerce...(Read Full Post)