David Akin's On the Hill

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I receive no fees, considerations, etc. etc. for the posts on this blog nor do I have any plans to accept any. My salary is paid by Canwest Global Communications Corp. I work for that company as the Ottawa-based National Affairs Correspondent for Canwest News Service.
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« June 04 | June 08 »

Thursday, June 5

American consumers hunker down

by DavidAkin on Thu 05 Jun 2008 10:53 AM EDT

After years of profligacy, over-extended U.S. consumers are heading for bunkers, with leading

indicators pointing to more turbulence ahead. Consumer confidence continues to erode, with

inflation expectations reaching “an all-time high” in May, further undermining purchasing

power. While ‘stimulus’ rebate check are expected to provide some offset, recent surveys

reveal that Americans are planning to put only 40% back into the economy in 2008, with an

increasing share going towards basic necessities, predominantly food and gasoline.