US Consumer Woes To Continue As Confidence Slumps And Incomes Stagnate
With unemployment hovering at 9.4% consumers continued to show reluctance in July as incomes stagnated. Furthermore, with the jobless rate expected to exceed 10% later this year, consumer confidence fell in August, keeping hopes of a sustained economic recovery at bay.
Purchases rose 0.2% in July, the Commerce Department reported Friday. However, that increase was largely the result of the government’s Car Allowance Rebate System (CARS), popularly known as “Cash for Clunkers,” which … [visit site to read more]
