This situation is likely to become worse in the months ahead.
More Quotes from Peter Morici:
Consumers are strapped. Their credit cards are maxed, their energy bills are going up and they have less ability to borrow against home equity because interest rates are going higher.Peter Morici
You couldn't say the number was completely unexpected.
Peter Morici
With the exception of the July burst in auto sales, retail sales growth has been weak in recent months because consumers are now strapped.
Peter Morici
I think what people pay attention to is their take-home pay, ... It's a weak labor market that is causing slow wage growth, making them feel bad about the economy.
Peter Morici
Longer-term, persistent U.S. trade deficits are a substantial drag on growth.
Peter Morici
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