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Consumer Spending Savings Accounts
Small Business Webinars - Consumer spending. Poor consumer sentiment generally translates into stagnant spending levels. Recent data from the Commerce Department suggests that Americans are dialing back their spending and tucking more money away in savings accounts. Notably, spending levels increased by a meager 0.2 percent in May, and chances are good that more substantial growth is a ways off. "The fact that confidence is so low, the fact that consumers are concerned about the labor market outlook--and combine that with the fact that regarding their incomes, the pessimists still outnumber the optimists--it doesn't suggest that there's going to be any significant pickup in spending in the near term," says Franco. To complicate matters, the stock market's recent plunge may put a further strain on spending. "It might affect people's psychological views, particularly for people in a position of influence in business as to whether they want to expand--or whether consumers spend," says Tjornehoj.
Abogados July 6, 2010 11:31 AM