US DATA: From U-Mich text: “The proximate cause of the sharp drop
in confidence was the rise in gas and food prices. The more damaging
cause, however, was that the fewest consumers in more than a half
century expected income increases, and many fewer anticipated gains in
their inflation-adjusted incomes. The data clearly indicate that the
rate of real consumer spending will diminish, but the data do not
indicate a renewed downturn is now on the horizon. Continued job gains
are essential as even modest job losses could quickly shift consumers
toward retrenchment. For now, consumers find discounts attractive, and
remain willing to modestly increase their spending.”