U.S. consumer confidence has just been reported as having risen in October to its highest level since early 2008.
What is wrong with this picture in the face of current levels of U.S.:
residential housing prices, which on average are reported to have dropped by about 9% on an inflation-adjusted basis from March 2008 levels;
average hourly wage rates that are reported to have been rising since March 2008 at a rate about equal to the reported inflation rate; and,
continuing high unemployment rates, which official reported unemployment rate has increased by about 55% since March 2008, and where the ‘unofficial’ unemployment rate likely has increased much more than that if those people who have abandoned jobs searches are taken into account?
