Consumer Confidence Falls to Record-low
The AlixPartners LLP and the Institute for Supply Management Chicago Inc. conducted a study which showed said that the economy has declined by 31.4 percent in terms of expenditures. Meanwhile, confidence index of the Conference Board has increased to 26 percent on March compared to April’s 25.3 percent.
A new study showed that the ongoing financial crisis has no indication of slowing down as weak consumer spending and record-low consumer confidence continue to haunt the US economy.
The study conducted by the AlixPartners LLP and the Institute for Supply Management Chicago Inc. said the economy has declined by 31.4 percent in terms of expenditures. Meanwhile, the confidence index of the Conference Board has increased to some 26 percent on March compared to April’s 25.3 percent.
Experts believe the manufacturing businesses will have a hard time to increase its spending and operation following a significant downfall in the labor market and productions amid the deepest contraction in over seventy years.
The studies also showed that the annual purchase of Americans will drop to nearly $1 trillion as the average Americans will continue to adjust their budget and spending habits.
Meanwhile, the Social Security Administration announced it will give a one-time $250 payment to its beneficiaries in an effort to inject money to American communities.
Earlier, the US stock market has rallied following a record-breaking drop three weeks ago. According to US Chief Economist Joshua Shapiro, the policy makers have to make people understand that the solution to the problem cannot be attain by cutting expenditure but understanding the long, hard corrective process.
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