The Recession just hit ETSY & Starbucks. CEO Warns: “People Have Stopped Spending"
With the SP500 at 5200, unemployment at 3.9%, home prices nearing all-time highs, and inflation at 3.48%, there just isn't a lot of evidence to suggest that the economy is in trouble. But in one corner of the finance world, recent developments have turned heads, and using freshly minted data, there seems to be another side to this story, one in which the consumer is failing. Outside of real estate, stocks, and wages, the one portion of the economy that is arguably the most important is consumer spending. According to commonly referenced data consumer spending accounts for about 70% of U.S. economic activity. This giant piece of the economic pie is quite literally the entire economy, and according to some new data, it may be in a serious downswing.
Full Clip Peter Schiff
• US Consumers Are on Life Support
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