MONEY NEWS: Consumers’ outlook also deteriorated with the gauge of consumer expectations falling to its lowest level since May 1980, at 47.0 from 49.4. The index had fallen to this level in early September before being revised up at the end of the month…
“Overall, the data indicate that a recessionary downturn is likely to occur,” survey director Richard Curtin said in a statement.
“Even if the economy manages to avoid the formal recession designation by (the National Bureau of Economic Research), real consumer expenditures will not be strong enough to enable the more robust job growth that is needed to offset the negative grip of economic stagnation on consumer behavior.” … (more)
