MORGAN STANLEY: THE WAIT IS OVER - American Households Are Finally Feeling The Recovery
Morgan Stanley economist Ellen Zentner says American households finally "feel" the recovery.
"For four long years since [July 2009], U.S. households have asked themselves, 'what recovery?'" writes Zentner in a note to clients. "To view the recovery through the lens of America's households, we look at the behavior of the Conference Board's monthly
Zentner expands a bit in the note, titled "Households Finally 'Feel' the Recovery":
Exhibit 1 charts consumer confidence over the business cycle. Confidence plummeted to a new historical low of 25.3 in February 2009. Prior to the financial crisis, the low had been 43.2 in December 1974 (the data series began as a bi-monthly survey in February 1967). It has taken 4 1/2 years for confidence to reach a level around 80, which has been the average level in past recoveries (Exhibit 2). Essentially, U.S. households are telling us that it has taken more than four years for the recovery to feel like a recovery.
Average consumer confidence levels in economic recoveries are shown below.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024