The University of Michigan released the latest results of its ongoing surveys of consumers. The numbers are up, which is welcome news. But not by that much given where they have been of late.

"Consumer sentiment moved up very slightly this month to about 5 index points above the all-time low reached in June," the report said. "All components of the expectations index improved this month, particularly among low- and middle-income consumers for whom inflation is particularly salient."

And there is the crux. An improvement, but things had hit an historical low for the index, which was founded in 1946. So, Korean and Vietnam wars; the disastrous 1970s after the removal of the gold standard and the arrival of inflation, short-term wage and price freezes, and Watergate; double-digit inflation and mortgages in the 1980s as well as the savings and loan crisis; two Gulf wars; 9/11; the Great Recession; and the pandemic crash, among other things here and there didn't see as big a loss of consumer confidence.