U.S. Consumers Most Negative Since Recession

[marmar]

(Bloomberg) Consumer confidence in the U.S. economic outlook slumped in August to the lowest level since the recession, raising the risk that spending will dry up.

The Bloomberg Consumer Comfort Index’s monthly expectations gauge dropped to minus 34, the weakest since March 2009, from minus 22 in July. The weekly measure of current conditions was minus 48.3 for the period ended Aug. 14 compared with minus 49.1, which was the worst reading since mid-May.

The most unstable market in the history of American stocks, wage gains that are failing to keep up with inflation and unemployment hovering around 9 percent may be causing Americans to lose faith that the economy and their financial situations will soon improve. Applications for unemployment benefits climbed last week to the highest level in a month.

“The recent market volatility has exacted a toll on consumer confidence that will likely not ease any time soon,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “Consumer sentiment has reached a critical tipping point that suggests households may pull back on spending.” ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-08-18/consumers-most-negative-on-u-s-economy-outlook-since-recession.html

[Newest Reality]

1. A better title would be:

Consumers are broke and in debt after being totally fleeced by those who control and own most of everything.

When we went from The People or citizens to "consumers" that should have been a signal. Now, we expect that the new appellation means we are some sort of economic force or have relevance in that respect. Instead, we hang-on to that notion as we gradually decline to the next level: Serfs.

"US Serfs Negative About Lord's Terms of Service"

[Fumesucker]

2. How long until we get back to Droit du seigneur?

I give it about five years, but then I try to be the optimist.

http://en.wikipedia.org/wiki/Droit_du_seigneur