Sunday, August 14, 2011

The Worst In Three Decades: “Consumers Are Very Fatigued And Very Uncertain”

Mac Slavo

Insiders may be buying stocks at the fastest pace in two years, but consumers’ wallets aren’t convinced that the recovery has taken hold (because, of course, it hasn’t)…..
Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench………
“The mood is very depressed,” said Chris Christopher, an economist at IHS Global Insight Inc. in Lexington, Massachusetts. “Consumers are very fatigued and very uncertain. In the short term, people are going to pull back on spending.”…..
Those may be the worst consumer confidence numbers in three decades, but we would not be at all surprised to see those headlines eventually turn into “the worst in a century.”…..

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