Trump's election changed how Americans feel about the economy

Getty Images; Rick Scuteri/AP Photo; Alyssa Powell/BI

It's generally a rare thing for the person you're interviewing to burst out laughing. But that's what happened to me, recently, on a call with Ernie Tedeschi, the director of economics at the Yale Budget Lab who in March wrapped up a three-year stint on the White House Council of Economic Advisers. The question that evidently tickled Tedeschi: Was the "vibecession" fake? The vibes around the economy — as in, the way consumers and businesses say they feel about it — have been changing lately, and not because the economy itself is markedly different from how it was in the recent past. Inflation is down from its peak, but it's up a bit from where it was earlier this year. The labor market is still strong, and consumer spending is still solid.