Michelle Jamrisko at Bloomberg writes:
Americans’ expectations for the economy slumped in May by the most since October 2013, casting doubt on consumers’ ability to revive growth. A measure tracking the economic outlook fell by 6 points to 44 this month, data from the Bloomberg Consumer Comfort Index showed Thursday. Thirty-nine percent said the U.S. economy is getting worse, the largest share since the federal government shutdown 19 months ago.
The recovery, which we are ceaselessly being assured is either here or about to arrive, “this summer,” has never really materialized.
The U.S. economy has largely disappointed this year, with weaker-than-expected retail sales data last week capping a recent run of reports showing scant momentum. Consumer spending, which accounts for almost 70 percent of gross domestic product, climbed at a 1.9 percent annualized rate in the first quarter, the slowest in a year and less than half the 4.4 percent advance in the final three months of 2014.
One suspects that this will be noticed by the “everyday people” who are, after all, living it.
Every day.
