Expect weak consumer holiday spending, CUNA to AP
MADISON, Wis. (10/28/09)--U.S. consumer holiday spending will be weak this year, a Credit Union National Association (CUNA) economist told the Associated Press Tuesday.
"When you look at the consumer, you see a lot of weakness, and you will continue to see a lot of weakness," Mike Schenk, CUNA senior economist, told the news service. "[Shoppers] are sitting here with depleted savings, no safety net in an environment where the labor market continues to deteriorate."
The Conference Board's Consumer Confidence Index released Tuesday fell to 47.7 in October--from a revised 53.4 in September--and far from what is considered healthy by economists, the AP said.
Many economists anticipate that consumer confidence will be mired in the current levels during the important holiday shopping season, the news service said.
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