Lynchpins of Global Economy Showing Stress - Consumer Spending Down
Not really a surprise, given August's already reported retail sales slump in the US, but new figures for August show personal spending down, incomes down, and inflation up.
``This was bad, but September is going to be terrible,'' said Christopher Low, chief economist at FTN Financial in New York. ``Consumers are clearly shaken badly by the storm.''
And winter with record natural gas prices is just around the corner.