With recent economic news pointing to a potential slowdown in an already lackluster, job-loss recovery, consumers are starting to get edgy:
US Sept consumer sentiment off unexpectedly
Fri September 12, 2003 10:00 AM ET
NEW YORK, Sept 12 (Reuters) - U.S. consumer sentiment deteriorated unexpectedly in early September, a survey showed as wariness grows over the pace of recovery and high unemployment, market sources said on Friday. The University of Michigan's closely-watched gauge of consumer confidence fell to a preliminary 88.2 in September, from August's final 89.3, the sources said.Economists polled by Reuters had expected a preliminary median September reading of 90.0.
You know, despite what the VRWC would like to believe, no way in hell am I cheering for more economic pain. Personally, after having our family spend almost all of 1992 unemployed, I've seen enough recession-spawned angst up close. However, I've also been watching a number of indicators, particularly unemployment and energy costs, very closely for months now, and it seems more and more clear that if the only thing holding this recovery together is consumer spending, eventually those consumers may in fact get spooked and start closing their checkbooks and wallets. I certainly hope things turn around, and soon, whether or not a flailing economy might be the final nail in the Bush II re-election coffin.