Press file photo from this weekend.
Did the economy suddenly get a jump-start from some unforeseen source?
That's what I kept wondering as I interviewed store owners at the Shore who were reveling over the Fourth of July weekend.
The lines were long. The traffic was heavy. The weather was hot and sunny. And the visitors were friendly. Robert Hilton, executive director of the Jersey Shore Convention and Visitors Bureau, spent his weekend in Asbury Park, and said it reminded him of city's glory days.
Their reports had me scratching my head. It wasn't two weeks ago that I had pontificated about the new age of austerity and how we'd better get used to it. Mortgage rates were at record lows and yet the housing market remained slow. Consumer confidence hit the wall. Employers weren't hiring very much. The stock market sunk.
And then,...this. Joyful business owners at the Shore, who I tend to believe, because they have never been shy about telling me when things are terrible. And a record home transaction in Monmouth County. And small business lending campaigns by TD Bank and JP Morgan Chase. Followed by a huge gain yesterday by the Dow.
What in the name of LeBron is going on? By the way, just as an aside, ESPN has decided to promote its special tonight, "The Decision," with a picture of LeBron spreading his arms, Christ-like. It is over the top. For some perspective on life, read Gary Smith's story in Sports Illustrated about the oil spill in the Gulf.
Where were we? Or better yet, where are we?
It looks to me like we have come out of a devastating recession but still are trying to regain our footing. The economy was propped up the government, but now it needs to prove it can grow without help. The job market still is slow, but at least workers have more confidence that they aren't going to get laid off.
So they can afford to take a drive to the Jersey Shore and spend money on the basics. Food, lodging, a tour on the mini-golf course. The question is, was this a one-time jolt? Or will it be sustained?
