Ignore the headlines — US consumers are loving life right now

The first estimate on second-quarter GDP was a big disappointment.
The economy grew at just a 1.2% annualized rate for the three months ended June 30, less than the 2.5% expected by economists.
But underneath the bad headline is the real story of what's going on in the economy right now, and the story is pretty simple: consumers are winning.
Personal consumption rose 4.2% in the second quarter of the year, the best reading since the fourth quarter of 2014 and near the best level we've seen since