SocGen: (US) Consumers Say Worst May Be Over

Well, BNP Paribas titled the story "US: Less pessimistic consumer in May - Conference Board index up to 54.9", with following bullet points:

• The consumer confidence index calculated by the Conference Board improved to 54.9 in May from 40.8 in April. In the past three months, the Conference Board index has recovered from its historic low. Yet, its current level remains weak.
• The present situation index edged up to 28.9 from 25.5. The expectations index improved much more significantly, to 72.3 from 51.0.

It is fascinating how the same story is interpreted by another French bank Societe Generale, titling the story: "Consumers say worst may be over". Click on chart to enlarge, courtesy of Societe Generale.

Societe Generale comment:

Consumer confidence is up sharply from the February lows and indicates a view from the consumer that the worst is over. The Expectations Index is at its highest since December 2007, or when the current recession started.
Consumer spending data has been mixed in March and April but the underlying message in the consumer confidence readings is of greater stability. We expect spending to resume at a moderate pace in Q3 when GDP is expected to again turn positive.

Wow, and risky assets like bullish expectations ... Unfortunately, not always expectations turn into reality!