This is really the big story of the moment: The full-on comeback in everything related to consumers and households.
Let’s just break it down really fast.
1. New housing starts are shooting straight up … 2. Retail sales growth: Re-accelerating …. 3. The Unemployment Rate: Collapsing (according to the government) …. 4. And the unemployment rate is collapsing according to Gallup …. 5. And car sales are surging …. 6. Revolving Consumer Credit. Back to growth …. 7. Gallup Economic Confidence is the best since May …. 8. Consumer discretionary stocks surging towards all-time highs …. 9. Homebuilder stocks highest since 2007 …. 10. Wal-Mart has finally busted out, and surged past its 2000 high …. 11. Even more impressive: Home Depot! Surging to multi-year highs …. 12. University of Michigan Consumer Confidence hits a 5-year high …. 13. Restaurant owners are saw a recent spike up in their outlook (they’re a great measure of consumer discretionary spending …. 14. Case-Shiller home prices are clearly on the rise.
Reuters: Groundbreaking on new homes surged in September to its fastest pace in more than four years, a sign the housing sector’s budding recovery is gaining traction and supporting the wider economic recovery.
Housing starts increased 15 percent last month to a seasonally adjusted annual rate of 872,000 units, beating even the most optimistic forecasts on Wall Street, Commerce Department data showed on Wednesday.
It was the quickest pace of groundbreaking since July 2008…
Steve Benen: For all the Romney/Ryan efforts to convince Americans the economy is getting worse, reality stubbornly keeps getting in the way…
Groundbreaking on new homes surged in September to its fastest pace in more than four years, a sign the housing sector’s budding recovery is gaining traction and supporting the wider economic recovery…..
…. The unemployment rate is at its best point in four years; consumer confidence is at its best point in five years; the federal budget deficit is at its best point in four years. Just this week, reports on retail sales, industrial production, and new housing construction showed sharp and unexpected improvements.
This probably isn’t what Republicans wanted to hear…..