July Consumer Confidence In The U.S. Fell To A Five Month Low
Posted By thestatedtruth.com on July 27, 2010
This is going to be the new normal……specifically the savings part!
American consumers lost confidence in July, shaken by mounting concern over jobs and wages that threatens to constrain the economic recovery.
The Conference Board’s sentiment index fell to 50.4, below the median forecast of economists surveyed by Bloomberg News and the lowest level in five months.
A jobless rate that is projected to hover near 10 percent for the rest of the year means household spending, which accounts for 70 percent of the economy, will take time to recover as concerned consumers focus on saving more and paying down debt.   Ford Motor Co. is among companies lowering industry sales forecast for the year.
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