Strapped US consumers curb spending as inflation bites »
Posted By STONERS 1 year, 2 months ago in Business & FinanceUS consumers snapped shut wallets as a boost from tax rebates wore off and inflation soared in July, government data showed Friday in what could be a bad omen for an economy dependent on consumer spending.
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STONERS1 year, 2 months ago
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"Soaring food and energy prices pushed inflation to 4.5 percent, the strongest annual pace in 17 years, further pressuring US consumers as the economy is hammered by a housing market crisis, tight credit and rising unemployment."
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"Analysts noted that a massive government tax-rebate program launched in late April to stimulate spending and economic growth was winding down."
"In spite of the rapid dispersal of the economic stimulus payments in the April to July period, consumers pulled back on real spending in both June and July in the face of weak employment conditions, higher energy prices, and further declines in household net worth," -
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