Poll: More Than Half of Americans See Economy Getting Worse

Thursday, 09 Aug 2012 08:26 AM

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Some 53 percent of Americans felt the economy was getting worse in July, up four percentage points from June, according to the Discover Financial Services’ U.S. Spending Monitor.

The poll also found 28 percent of respondents feel the U.S. economy is improving, down from 29 percent in June and 33 percent in May, while 53 percent of respondents rated the U.S. economy as poor, unchanged from June, The Wall Street Journal reported.

"The number of people who said their personal finances were improving was unchanged at 23 percent in July from June, but was down from 25 percent during May. Respondents who see their personal finances getting worse was up 2 percentage points to 49 percent," The Journal reported.

Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible

"While 28 percent of respondents planned to spend more next month, the increase was driven mostly by an increase in anticipated spending on nondiscretionary items. About 38 percent of respondents expect to spend more on household expenses."

Other indicators show that consumer confidence hit a new low for this year.

The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment fell to 72.3 in July from 73.2 in June, Reuters reported.

July's reading represented the second month in a row attitudes have gotten worse and the lowest level since December.

"While consumers do not anticipate an economy-wide recessionary decline, they do not expect a pace of economic growth that could satisfactorily revive job and income prospects," said survey director Richard Curtin, according to Reuters.

"Moreover, consumers have become increasingly convinced that current economic policies are incapable of solving the underlying problems facing the economy."

Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible


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