Is this so incredible? I think not. Remember the Euro is nearly 100% up to its lowest point about 10 years ago. Trade balance is probably a backing for the US economy, and stalling for Europe.
That people don't feel how good the economy is, is no wonder, as their feeling is dominated by consumption, not production. As Americans have lived for years beyond their means, now it feels like pain, when they start to live within their means, even if their means go a bit up.

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers