LOS ANGELES (CBS) — Local investors are especially busy this week as they brace for continued economic uncertainty.
The Rasmussen Consumer Index found that 70 percent of consumers think the economy is worsening. When consumers feel broke, they’re obviously less likely to purchase big items such as furniture, appliances and cars.
Experts say Americans’ overall spending could be cut by $140 billion this year.
Analysts predicted the economy would grow by four percent a few months ago, but now, the forecast is closer to half of that number.
The business community is fearful, too. Companies are sitting on about $2 trillion in cash and their reluctance to spend also renew fears that the United States could slip back into a recession.
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