Americans, your corporate masters are angry that you aren't being good consumer sheep and SPENDING

[marmar]

(Bloomberg) U.S. consumer spending unexpectedly dropped in June for the first time in almost two years and savings climbed, adding to evidence that the slump in hiring is hurting household confidence.

Purchases declined 0.2 percent after a 0.1 percent gain the prior month, Commerce Department figures showed today in Washington. The median estimate of 77 economists surveyed by Bloomberg News called for a 0.1 percent increase. Incomes grew at the slowest pace since November.

The lack of jobs combined with wage gains that have failed to keep pace with inflation raise the risk of further cuts in consumer spending, which accounts for 70 percent of the world’s largest economy. Companies like Newell Rubbermaid Inc. (NWL) are among those cutting forecasts for the year.

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“The consumer environment remains very tough,” Michael Polk, chief executive officer, said on a conference call with analysts on July 29. “The key uncertainty is whether the consumer will show up and spend.” ............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-08-02/consumer-spending-in-u-s-unexpectedly-falls-for-first-time-in-two-years.html