Confident or Confused?

Consumer Confidence amazingly rolled higher to 118.9. One of the best results in years. I find this an interesting contrast to so many of the recent political polls showing that much of the nation does not approve of the Trump administration.

If true, then how could confidence be so high?

One answer is that consumers have learned to appreciate the general incompetence of the government over their lifetime and that their wellbeing is not controlled by their policies.

Another answer is that the polls may only be reflecting concern about the broad array of policies in play, and perhaps, the unorthodox way the administration transmits their intentions to the masses (read: late night Tweets). This all may be true while at the same time consumers are still hopeful for future tax cuts that will leave more money in their pockets.

Or perhaps it is all the above.

Here is the bottom line. As long as consumers and businesses remain confident, which they are, then it is hard to bet against the future state of the economy and stock market.

Best,

Steve Reitmeister

Executive Vice President, Zacks Investment Research

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