CONSUMER CONFIDENCE

Pre-election, consumer sentiment rose slightly. However, sentiment among the middle class slid, as did sentiment among the prime breadwinning 35–54-year-olds. Moreover, median wage growth expectations through 10/25 were very weak. Yet 60% of households think the bull market will rage on for at least another year, and expectations of improved personal finances in one year rose substantially. It’s the mercurial stock market, not the bread-and-butter economy that’s driving sentiment.