Consumer confidence is the key to any growth in the U.S. economy. If it declines, U.S. economic prosperity becomes questionable, as a lack of consumer confidence directly impacts consumer spending. My worry: the Thomson Reuters/University of Michigan’s preliminary consumer sentiment for the month of March plunged to its lowest level since December of 2011.
This popular consumer sentiment index—an indicator of consumer confidence—fell to a reading of 71.8 in March, compared to 77.6 in February. (Source: Chicago Tribune, March 15, 2013.)
The Thomson Reuters/University of Michigan survey also showed Americans are turning pessimistic about their finances. Only 20% of Americans believe their finances will improve this year—a record low for the survey!
Similarly, 30% of consumers believe U.S. economic conditions will get worse. In February, only 22% of American consumers believed the U.S. economy will deteriorate.
But the misery for American consumers doesn’t just end here. According to a report…
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