George Chamberlin's Money in the Morning
Make it a trifecta. Three reports out this week show a marked improvement in consumer confidence across the country and here in San Diego. Earlier this week, the Conference Board said its consumer confidence survey posted a sharp increase as fewer people fretted about the job market. This morning, the biweekly report from the University of Michigan showed a similar improvement of Main Street confidence. And, amazingly, the leading economic indicator index compiled by USD professor Alan Gin also turned positive in April after having been down in 35 of the past 36 months.*****
We're putting the wraps on Wall Street trading for May today and, barring a significant sell off, it will go into the books as a good one. The Dow Jones Industrials are up 3 percent - and more than 33 percent since bottoming on March 9 - and the Nasdaq composite is up 4 percent on the month. There still are a lot of people out there who don't believe the rally is for real. We'll see.
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A ceremony will be held today aboard the USS Midway honoring entertainer Bob Hope. The event will mark the issuance of a new 44-cent stamp by the Postal Service. Hope, of course, for his support of U.S. troops who were in harm's way. He twice entertained sailors aboard the Midway when it was commissioned. Although the comedian never served in the military, he was the first person recognized by Congress as an honorary veteran of the United States Armed Service. Hope died in 2003.
-George Chamberlin, Executive Editor
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