Reformed Broker seems to like to taunt Bears. Does he think the economic decline of the middle class is a trend that is permanently set to reverse?
Anyways, he cites some news that looks positive for the middle class.
"The Conference Board’s measure of consumer confidence for July rose to 90.9 from 86.4, well above expectations of 85.4 and is at the best level since October ’07. The Present Situation rose 2 pts and the Expectations component was up by 6.3 pts. A key driver in the confidence improvement was question of whether jobs were Plentiful and that index rose 1.3 pts to the highest since May ’08. Those that said jobs were Hard To Get was unchanged but at the lowest since July ’08. Expectations for a pick up in income growth rose .6 pts to 17.3 but while it was 18 in May, it’s above the year ago level of 15.7. Positively within the data, almost all of the improvement in confidence came from those households that make under $75,000."
Anyways, he cites some news that looks positive for the middle class.
"The Conference Board’s measure of consumer confidence for July rose to 90.9 from 86.4, well above expectations of 85.4 and is at the best level since October ’07. The Present Situation rose 2 pts and the Expectations component was up by 6.3 pts. A key driver in the confidence improvement was question of whether jobs were Plentiful and that index rose 1.3 pts to the highest since May ’08. Those that said jobs were Hard To Get was unchanged but at the lowest since July ’08. Expectations for a pick up in income growth rose .6 pts to 17.3 but while it was 18 in May, it’s above the year ago level of 15.7. Positively within the data, almost all of the improvement in confidence came from those households that make under $75,000."
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