U.S. Consumer Sentiment Grim; Retail Sales Jump

August 12, 2011  by in UnCategorized   

By Aggregated Content in economic news on August 13, 2011 from http://c.moreover.com/click/here.pl?z5070452487&z=1250249029

U.S. consumer sentiment worsened sharply in early August, falling to the lowest level in more than three decades, after retail sales posted the biggest gain in four months in July.

High unemployment, stagnant wages, gridlock in Congress, and a stock market slump all contributed to a consumer mood that was as grim as when Jimmy Carter was President during the recession of 1980 and interest rates were more than 20 percent. Despite the gloom U.S. consumers kept spending in recent weeks with retail sales up in July by the most in four months.

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