According to the government-sponsored Conference Board, US Consumer Confidence soared from 91.0 to 101.5 - 2015 highs - in August.
Acording to non-government-sponsored Gallup, US Consumer's Economic Outlook collapsed to its lowest in a year.
The Conference Board data is driven by a surge in Present Situation from 104 to 115.1 - its highest in the cycle - as it appears higher gas prices, tumbling stocks, and a China meltdown means everything is awesome!! Which is odd because Plans To Buy A Home, Auto or Major Appliance all tumbled.
As Gallup explains,
this latest average was the result of 37% of Americans saying the economy is "getting better" and 58% saying it is "getting worse."
The situation in China may continue to reverberate in the U.S., with U.S. stocks closing much lower on Monday and European markets starting the week with large drops. To the extent stock markets continue to suffer, particularly if this affects broader aspects of the economy, Americans' confidence could be shaken further in the coming week.
Charts: Gallup and Bloomberg