[box]Consumer Sentiment Drops to Three-Decade Low
Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior month. The gauge was projected to decline to 62, according to the median forecast in a Bloomberg News survey.
“The mood is very depressed,” said Chris Christopher, an economist at IHS Global Insight Inc. in Lexington, Massachusetts. “Consumers are very fatigued and very uncertain. In the short term, people are going to pull back on spending.”
Yep, that’s our country as led by obama: ‘depressed”, ‘fatigued’ and ‘uncertain’.
But we do have one thing to celebrate; today is Tax Freedom Day. Yes, we work for Uncle Barack until August 12th each year. Who says our taxes aren’t high enough? I’m looking at you, Matt Damon.