Well, after a quick, hi-energy burst of enthusiasm in the spring, we’re back in the doldrums. The consumer confidence index is down to 49.3, below its May level of 54.8. (A level of 90 would indicate a “solid” economy.) And June sales figures due out next week are expected to show a fairly dismal 6% decline since May.
Stores are already trying to cut their losses — offering huge discounts on summer clothing and home and garden supplies far earlier in the season than normal, and selling off surplus stock to discount stores and liquidators.
But don’t blame faltering job security, tumbling stock values, and increasing gas prices — it’s the rain! Who needs a bikini or a barbecue when we’re all inside making beef and lentil stew and wearing sweaters?!
Consumer confidence falls in June [USA Today]
(Photo: Bethany L King)