Worse, the Board’s expectations index for the next six months slumped to 47.9, the lowest since December 1973.
”Consumers are going to pull back pretty sharply,” Carl Riccadonna, an economist at Deutsche Bank Securities Inc. in New York, told Bloomberg News. ”The labor market is starting to deteriorate and income growth is barely keeping pace with inflation. These are all pretty negative omens for what’s to come.” (Tire Review/Akron)