COLDWATER (WTVB) - A new survey finds Americans are increasingly pessimistic about the outlook for the U.S. economy, which may be why it’s dragging. The latest Thomson Reuters/University of Michigan poll released Friday indicated that consumer sentiment reached its lowest level of the year this month. 45 percent said their finances have gotten worse. Only 11% expressed a positive view. Upjohn Institute Labor Economist George Erichcek, who regularly participates in the Branch County Economic Summit, says that may be one reason the Gross National Product in the second quarter didn’t grow as fast as some had hoped.
Erichcek says that consumerism is the engine that really drives the economy and all the economy needs is a little confidence.