As for the more fun indicator, Taubman Centers says the hemlines on women's skirts are going up--and that, the REIT says, traditionally means that the economy is also rising, which is good news for the retailers who populate its centers and others.

For the "hemline indicator," Taubman asked 1,000 shoppers at its various centers if they thought the hem on women's skirts would move up or down this year. This year, 63% of those surveyed predicted skirts will rise above the knee and beyond, a strong omen of improving economic times. That's more than a 30% increase in economic optimism over last year's results.

"I guess you could say that our customers across the country believe the economy really has legs," says Karen Mac Donald, director of communications for Taubman. Here are the 2004 survey totals: Cheesecake! (Good times ahead): 12%; Above the knee (Light at the end of the tunnel): 51%; Just below the knee (Cautious optimism): 30%. Ankle duster (Uncertain times ahead): 7%.