Consumer spending rebound looking less certain

June 26, 2009 | Print this Page.
Consumer saving could hurt businesses.
For companies looking to grow their business or simply meet payroll obligations and vendor payments on time, consumer spending cannot rebound soon enough.

However, economic indicators offer mixed results on when recovery will begin and how strong the rebound will be.

New data from a poll of U.S. adults by Harris Interactive suggests that spending is in the back of consumers' minds and saving is at the forefront.

Almost two-thirds (63 percent) of Americans responded that they are spending less overall with many also minimizing their credit card use.

Americans are worried about rebuilding retirement portfolios and other savings funds that have diminished over the last 18 months as the stock market has plummeted.

To that end, many adults have moved money into what they consider to be safe havens. A number of people that do have savings - retirement or other - have moved money into CDs or other bank savings accounts.

Some economists have predicted that an economic recovery could take hold by year-end, but the Organization for Economic Cooperation and Development recently characterized the forecasted rebound as "fragile."

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