Consumer Confidence Surprises, Grinds Higher

Consumer confidence comes in at 53.5 in August versus 51.0 in July: somehow the fact that the economy officially double dipped in the month was lost on the 6 or 7 top CEO respondents in the Conference Board rolodex.
Below is the chart of consumer confidence coming in 23 points below the 5 year average. Green shoots indeed... if by confidence one measures just how sure consumers are they are about to get royally raped.