While headlines are flashing red about how exuberant the consumer is, [4] there appears to be some 'new normal' oddness under the covers. Projecting this positive news into the future (as every talking-head is) does not add up with the fact that "plans to buy a car" and "plans to buy a major appliance" both tumbled in July. But the biggest problem for the 'recovery', "plans to buy a home" collapsed to its lowest since Feb 2013... welcome to the new normal definition of confidence.
[5]
Is it any wonder when 77 million Americans have debt past due...! [6]
Chart: Bloomberg
