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Politics : PRESIDENT GEORGE W. BUSH
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To: Ish who wrote (264001)6/14/2002 10:38:55 PM
From: Mr. Whist  Read Replies (2) of 769667
 
Re: "Economy starting to pick up..."

That's funny. Story in today's Wall Street Journal says the opposite:

Consumers' attitudes about the economy took a surprising turn for the worse in June, further signaling that their spending may not be able to keep the U.S. economic recovery on track.

The University of Michigan's mid-June index on consumer sentiment plunged to 90.8 from 96.9 at the end of May, according to subscribers who saw the report Friday.

Most economists didn't expect the reversal. A consensus of economists surveyed by Thomson Global Markets had the index inching up to 97, and even the most pessimistic of those polled predicted the index would slip only to 95.

There is growing doubt as to how long consumers, who account for about two-thirds of economic activity, will continue to open their wallets if they are also becoming less confident about economic prospects.

The University of Michigan's current-conditions index slid to 97.9 from 103.5, while the expectations index stumbled to 86.7 from 92.7.

The report marked the second in as many days to raise questions about the strength of consumer spending. The Commerce Department reported Thursday that retail sales fell a surprising 0.9% in May, as consumers stayed out of auto showrooms, department stores and clothing outlets.
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