Thomson Reuters/University of Michigan: Confidence Slips: Slower Job Growth and Higher Food Prices
ANN ARBOR. Consumer confidence slipped in July, with all of the overall decline in how consumers viewed future prospects for the national economy. The good news is that consumers do not expect the economic slowdown to prompt an economy-wide recession; the bad news is that consumers do not expect the pace of economic growth to revive job and income prospects. Consumers never willingly choose to lower their aspirations; that change is slowly forced on them by unrelenting adversity. The greatest concern to consumers is that wage and job growth will remain depressed in the foreseeable future, and that these meager gains are likely to be diminished in the years ahead by rising taxes and benefit cutbacks. Click here to view the full release.
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