Reuters/University of Michigan Surveys of Consumers, July 2009 release: “Consumer confidence slipped in July as consumers anticipated that their personal finances would improve more slowly than they had anticipated several months ago…Financial reversals were reported with equal frequency across all income subgroups, as was the
expectation that joblessness would continue to increase..Although consumer spending will improve during the balance of 2009, total personal consumption expenditures will post an lackluster
increase of 1.5% during 2010.”