The percentage of respondents to University of Michigan's Consumer Sentiment Survey that "think they (or their spouse) will lose their job over the next 5 years" soared to its highest since March 2009.
Either the BLS' workers are lying, or the government's data on jobs is 'misleading'
[3]
According to UMich Curtin:
- CURTIN: TRADE GAP'S INFLUENCE ON JOBS BIGGEST SENTIMENT RISK
And worse still:
- CURTIN: MAJORITY OF DECLINES THIS SIZE OCCURED IN RECESSIONS
But do not worry:
- CURTIN SAYS DOESN'T EXPECT CONSUMER SPENDING TO RETRENCH
Though he offered no actual reason for his expectation.
Finally, we note the last time this happened...
[4]
Personal Spending Collapsed!
Charts: Bloomberg
