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65% Fear Double-Dip, 71% Say Us Is Fundamentally Broken, Net 32% Expect To Reduce Spending

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http://globaleconomicanalysis.blogspot.com/2010/09/65-fear-double-dip-71-say-us-is.html

It is quite clear the US economy is sliding back towards recession, if not still in it. The average consumer understands that, yet the average economist doesn't.

How is it that the average consumer has a better grip on the economy that the average economist? Regardless of the answer, here are some interesting survey results from Americans Fear "Double Dip" Recession & European Financial Problems.

* 92% say the US is still in recession

* 65% fear a ‘double dip’ recession

* 57% are fearful about running out of money in the next year

* 44% could easily see their family slipping into bankruptcy if things get worse

* 42% say they will spend less money than they did over the last 3 months, while just 10% will spend more. 48% report their personal spending will likely stay even

* 09% say the US is in a 1930s style economic depression

* 72% say Europe’s financial problems likely to hurt US

* 42% say that they or their spouse has had wages or salary reduced

* 34% say they or their spouse lost their job or has been laid off

* 33% have taken on more hours or another job to try and make ends meet

* 28% dipped into a planned retirement account like an IRA or 401K because they needed the money

* 09% have had their house foreclosed on

* 08% had their child delay college (or graduate school) or drop out to save money

* 20% expect their personal finances will recover by the end of 2011, 27% say after the end of 2011, 24% say their personal finances won’t ever fully recover

“Attitudes towards the current economic climate should be very concerning for those who sell consumers goods and services. The perception that the economy is likely slowing down again is leading consumers to tighten their belts and keep their wallets and purses closed. Consumer marketers will need to figure out how to best dial up the perceived value of what they are selling in order to stay on track”, said Bradley Honan of StrategyOne.

For a discussion of whether or not the recession has ended, please see NBER Likely to say "Recession Ended" July 2009; Assessing the Real Time Probability US Back in Recession

At this juncture, the debate as to whether the recession has ended or not is actually moot. The pertinent factor is: If there was a recovery, it now seems over.

Looking ahead, attitudes rule. With consumer spending weak and weakening, and now that the stimulus has run its course, the odds the 3rd and/or 4th quarter GDP numbers will be negative are quite high, as are the odds of double digit unemployment numbers by the end of the year.

Some unnerving numbers here, so despite all the media ramping in the US about the recovery 92% of respondents still think the US is in recession! And nearly 60% think that they will run out of money!!

Still I'm relived that it's contained and nothing will stop this fledging recovery taking hold.

Viva recovery.

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http://globaleconomicanalysis.blogspot.com/2010/09/65-fear-double-dip-71-say-us-is.html

Some unnerving numbers here, so despite all the media ramping in the US about the recovery 92% of respondents still think the US is in recession! And nearly 60% think that they will run out of money!!

Still I'm relived that it's contained and nothing will stop this fledging recovery taking hold.

Viva recovery.

* 72% say Europe’s financial problems likely to hurt US

....thought it all started in America ...?.....tell them to ask Gordo.... :rolleyes:

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....interesting in the comments most people complaining US Government is encouraging immigration with skills to take 'American' jobs at slave wages rates to suffice Corporate America....pricing American workers out of the market .....sound familiar....?.... :rolleyes:

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http://globaleconomicanalysis.blogspot.com/2010/09/65-fear-double-dip-71-say-us-is.html

Some unnerving numbers here, so despite all the media ramping in the US about the recovery 92% of respondents still think the US is in recession! And nearly 60% think that they will run out of money!!

Still I'm relived that it's contained and nothing will stop this fledging recovery taking hold.

Viva recovery.

It's interesting isn't it. On the ground, everyone is hurting, but the governments say everything is okay.

Even here is Australia, which supposedly dodged the "GFC" (as it is called here) everyone is complaining about significantly lower turnover, laying people off, it being the worst year for net earings in the past 20., yet all the statistics that pop up on the idiot box suggest otherwise.

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It's interesting isn't it. On the ground, everyone is hurting, but the governments say everything is okay.

Even here is Australia, which supposedly dodged the "GFC" (as it is called here) everyone is complaining about significantly lower turnover, laying people off, it being the worst year for net earings in the past 20., yet all the statistics that pop up on the idiot box suggest otherwise.

....some Governments like jugglers are trying to keep the balls in the air.....if one spins away...they all crash.... :rolleyes:

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I work in the US and just closed applications on a job opening. The position is part-time (17 hours per week) and doesn't pay too much ($16.78 per hour). It is in education and is an entry level position for possible state jobs. In a two week period we had 100 applicants, the majority of which had BA's, a significant number had Master's Degrees and some had PhD's. This is now pretty standard whenever we open up a new position. Make of it what you will.

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It's interesting isn't it. On the ground, everyone is hurting, but the governments say everything is okay.

Even here is Australia, which supposedly dodged the "GFC" (as it is called here) everyone is complaining about significantly lower turnover, laying people off, it being the worst year for net earings in the past 20., yet all the statistics that pop up on the idiot box suggest otherwise.

It would appear that all the bailout money has been for the bankers and everyone else can fend for themselves.

The question is how long can they keep this up for?

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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