Be­sieged by re­newed anx­i­eties, con­sumer con­fi­dence tum­bles

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

A re­port re­leased Fri­day showed that con­sumer con­fi­dence fell in July to its low­est point in nearly a year. A volatile stock mar­ket, near-dou­ble-digit un­em­ploy­ment, lack­lus­ter wage gains and a stalled hous­ing mar­ket have raised fears that the re­cov­ery is on the verge of bog­ging down.

Amer­i­cans re­acted by clamp­ing down on their spend­ing in May and June. Many cut back af­ter the stock mar­ket lost about 10 per­cent of its value over the past three months, as Europe’s debt cri­sis shook Wall Street. The re­sult­ing loss of house­hold wealth has left many Amer­i­cans less in­clined to spend.

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