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Posted by: Michael Mandel on April 11
I don’t like being negative. I’m an upbeat and optimistic person by nature. But when it comes to consumer spending, things have a lot further to fall before they hit bottom.
The latest bad news: The University of Michigan index of consumer sentiment fell to 63.2 in April, its lowest level in 26 years. This fits with my latest story, which said that consumer stocks are going to lead the stock market down further.
This is not going to end anytime soon. It takes a long time to work off $3 trillion in extra debt.
P.S. I promise a couple of optimistic posts soon, on how we can get out of this
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.