I love this, from Freddie Mac.

The market is cautiously exuberant. GDP growth figures for Q3 have been revised upwards, and now show that the economy grew at an annualized rate of 4.3%, the best showing since the first quarter of 2004. This growth was fueled by increases in personal spending and business investment, with revised increases in fixed residential investment playing an important role.

“Cautiously exuberant.” Ha.

Coupled with anecdotal signs of the economy,

– Wide price differences for gas indicate that price sensitivity is less important than convenience.
– Restaurant service: If it’s good, the unemployment rate is high. If it’s bad, high-quality help is harder to come by.
– For Sale” signs can indicate how strong the real estate market is — particularly if prices are being lowered or properties remain on the market for a long time.

The effects that the consumers’ perceptions play on the economy are fascinating.