Krugman: Americans are depressed. Americans: No we’re not

Paul Krugman last Friday: “The bottom line, then, is that most Americans have good reason to feel unhappy about the economy, whatever Washington's favorite statistics may say.”

Today:

The Conference Board’s Consumer Confidence Index, which had declined in July, rebounded in August. The Index now stands at 105.6 (1985=100), up from 103.6 in July. The Present Situation Index increased to 123.6 from 119.3. The Expectations Index edged up to 93.7 from 93.2 last month.

“Consumers appear to be weathering the steady rise in gas prices quite well,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “In fact, consumers’ confidence in the current state Situation Index to its highest level in nearly four years (125.4 in September 2001). Expectations continue to suggest more of the same for the remainder of this year.”

Wrong again, Paul, wrong again. (Hat tip to Will who has more.)