One day we’ll look back on 2009 and wonder what all the confusion was about. All will become clear and we’ll know when the recession ended, when the bull market began anew and how and why the cycle turned. Meanwhile, we’re wondering if the data du jour can be trusted.
Judging by the numbers of late, clarity is upon us, or so it seems. Income and spending are up among consumers. What’s not to like? If this keeps up, we’ll be back to the good old days by, oh, let’s say the third week of September.
As for what we know today, disposable personal income jumped 1.6% last month on a seasonally adjusted basis, the Bureau of Economic Analysis reports this morning. That’s the biggest monthly gain in a year. Not bad for what we’ve repeatedly been told is the deepest recession since the Great Depression.