According to the latest survey from The Conference Board, Americans are most confident about the current situation since November 2000 (but expectations for the future dipped in August).

Headline consumer confidence in August fell to 135.1 vs 135.8 in prior month.

Present situation confidence rose to 177.2 vs 170.9 last month

Consumer confidence expectations fell to 107.0 vs 112.4 last month

That is the highest level of 'Present Situation' since Nov 2000

Source: Bloomberg

The reading shows hiring and income gains are keeping consumers upbeat and assuaging concerns about the economy’s prospects in light of slowing global growth, volatile financial markets and escalating U.S.-China trade tensions. The level of confidence could allow for sustained household spending that remains a mainstay of the economy.

The Labor Differential indicator exploded higher (from 33.1 to 39.4) back near record highs...

Source: Bloomberg

Plans to buy cars increased, while plans to buy appliances and homes eased.

However, this level of decoupling between savings and confidence has historically not ended well...

Source: Bloomberg

Still, as long as The Fed and Trump can keep jawboning stocks near recorder and recorder highs, what could go wrong?