Consumer sentiments remain low as Americans report more financial difficulties, and residents of Western states are feeling the pinch more than their East Coast counterparts, according to a survey by Consumer Reports. The magazine measures consumer confidence. For October it found that while the percentage of Americans experiencing trouble has dipped slightly, the average number of troubles per household has increased.
“The economy is in a precarious balance between recovery and further decline,” said Ed Farrell, director of Consumer Reports National Research Center. “Without a substantial improvement in the consumer’s condition, it’s doubtful that a meaningful recovery will be mounted this calendar year.”
Hardest hit are households with incomes of less than $50,000 annually.
“We may be seeing the recalibration of the American economy where spending less is the new norm,” Farrell said. David Migoya, The Denver Post
