Consumer Confidence at Three-Year Low
US consumers simply don’t believe that the US economy is recovering. That shouldn’t be surprising, considering that wages are stagnant, unemployment remains above 9%, and the prospects for the US economy are dim, if not downright gloomy.The Conference Board has…
It’s pretty difficult to fault consumers’ perception given the recent weak news on housing , a stubbornly high unemployment rate, and some estimates of 2011 GDP that have fallen to below 2%.
Business confidence is down, consumer confidence is down, and there’s little reason to believe that there’s a miracle in store for the US economy. This is shaping up to be a less-than-festive holiday season.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.