Today's data did little to change the fact that ordinary Americans' views of current economic conditions remain at the odds with what Washington and Wall Street keep telling us.

If the history of the past decade or so is any guide, either consumer sentiment is poised for significant improvement, or, more likely, the indicators that the so-called experts are so keenly focused on, including gross domestic product and the stock market, are set for a major downward adjustment.

Michael J. Panzner