Revisiting Animal Spirits

(1) Animal spirits higher today than a year ago. (2) The “hard” data is looking harder than a year ago. (3) Remarkable reversal in surprise index. (4) No more chatter about “secular stagnation.” (5) Consumer and business surveys showing that jobs are plentiful and available workers are not. (6) Fewer small businesses complaining about government regulations. (7) M-PMI orders index through the roof. (8) TCJA is jacking up consensus earnings forecasts. (9) Q1 data likely to be firmer than during the previous Q1s of current expansion.