US Job Loss Still Looms, Consumers Tentative Over Economy
Conference Board on Tuesday said that US consumer spending habit and its confidence to the economy may have great effects to incoming back-to-school shopping season as parents begin to worry more about personal problems such as job security.
Job security remains the top problems among American consumers today as the conference Board revealed on Tuesday the latest study showing how the critical back-to-school shopping season will be affected by the fall in consumer confidence.
According to the Conference Board, the US consumer confidence index fell from 49.3 percent in June to 46.6 percent this month. The results were much disappointing than what most economists projected.
Based on records, the American consumer will only believe that the economy is doing well if it hits 90 percent solid rate.
Despite consecutive months of life shown in the real estate business, US consumers’ confidence remained weak and has fallen several notches for two consecutive months.
Experts believe that weak spending may be attributed to the worst job security in the US today and the lowered work hours brought further degradation to the capacity of buyers. To date, according to analysts, consumers are solely relaying on spending sources such as credit card and home equity loans, which were also lowered due to the recession.
Economic experts are now waiting for the release of the Labor Department’s monthly jobs report, which they said would plummet further. Based on their records, the analysts predicted a 9.7 percent increased in the number of people who are unemployed for the month of June.
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