Just when Americans started to get comfortable with the idea that things were getting better, they were dished a harsh reality check yesterday. Consumer confidence reports were released, and they were far from pretty.
The Conference Board’s confidence index dropped to 46.6 in July from 49.3 in June, its second consecutive monthly decline, and much more than the expected reading of 49. With unemployment projected to top 10% this year, it is without question that consumer spending – the fuel of the U.S. economy – will have a slow recovery.
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