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Key Consumer Trends In The U.S. Financial Industry

01/01/2008

Tags: Marketing Services, Customer Management

Federal Reserve Chairman, Ben Bernanke, noted that consumer spending "appears to have slowed significantly," while higher energy prices and a weakening job market could weigh further on consumption.

Description

Most market forecasts suggest a slower pace of economic growth in the first half of 2008. Federal Reserve Chairman, Ben Bernanke, notes that consumer spending ""appears to have slowed significantly,"" while higher energy prices and a weakening job market could weigh further on consumption. ""The business sector has also displayed signs of being affected by the difficulties in the housing and credit markets,"" notes Mr. Bernanke. Financial markets, meanwhile, remain under ""considerable stress,"" he adds, and officials will monitor financial developments ""closely."" In its quarterly economic forecasts released last week, the Fed downgraded its 2008 gross domestic product forecast by 0.5 percentage point to a range of 1.3 percent to 2 percent. That's even further below what officials expected back in July."" The incoming information since our January meeting continues to suggest sluggish economic activity in the near term,"" says Mr. Bernanke.

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