January 12, 2009
By Bill Conerly, Businomics, Conerly Consulting
Following up on this post, I’ve posted a video explanation of the role that consumer spending will play in the recovery from the current recession.
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Bill Conerly is principal of Conerly Consulting LLC, chief economist of abcInvesting.com, and was previously Senior Vice President at First Interstate Bank. Bill Conerly writes up-to-date comments on the economy on his blog called “Businomics” and produces a monthly audio magazine available on CD. Conerly is author of “Businomics™: From the Headlines to Your Bottom Line: How to Profit in Any Economic Cycle”, which connects the dots between the economic news and business decisions.
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I liek what Bill had to say on savings. There will come a time in the follwoing months when people begin to spend down the reserves they have built. But the 2008 gas spike followed by the recession has made people change some of their habits. People are into a preservation mode and that will last for some time.
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Bad consumer attitudes? Cutbacks, layoffs and salary freezes are the norm. There seems to be no positive change on the horizon. These feelinsg consumers have are more in tune than the forecasters.