As the following Reuters report proves, the much hype Economic Recovery in the US is, well anything but a recovery! Consumers are not spending and the 'Experts' seem baffled as to why? Well how about the fact that people have no jobs or very low paying jobs? How about the fact that gas costs 50% more than it did this time last year, how about the fact that on average people are making less money in inflation adjusted terms in 2012 than they did is 1982, 30 years ago? When every last penny of one's income goes towards food, shelter and transportation, is it any wonder that they are not buying more TVs or computer or vacations! Which world do these 'Experts' live in, certainly not in the same world as the average person in America lives and certainly not the same world as the Greeks are being forced to live in!___________________________________________________________
(Reuters) - U.S. manufacturing cooled in February and consumer spending was flat in January for a third straight month, suggesting the economy lost more steam early this year than expected.
"Things aren't so rosy in the garden and the consumer is still facing significant headwinds here," said Ray Attrill, head of currency strategy for North America BNP Paribas in New York.
There are those who recall that not ten days ago, according to the IMF's Greek (un)sustainability analysis, worst case scenario no less, Greek GDP would somehow miraculously post just a 1% drop in 2013. Unfortunately this won't happen. According to the overnight PMI update out of Europe (where was saw the jobless rate at the highest since 1997), the Greek economy just imploded at a record pace.