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Consumers showing less and less faith in economy
2/26/2009 12:00:00 AM

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A recent ABC News/Washington Post poll finds that consumers are increasingly worried about the economy and that a growing number are experiencing the impact of the recession firsthand.

According to the poll numbers, three quarters of those surveyed say they have had a close friend or family member lose a job or experience a pay cut, while one in three reported that this had happened within their own household.

Also in the poll, 67 percent said they were cutting back on personal spending while nearly half said they were concerned about being able to make their own mortgage payments, not to mention sufficiently manage their resources for retirement.

The poll also found that Americans were less likely to feel financial security the closer they were to the situation - those who had recently lost jobs or knew someone who had, were more likely to have a dimmer outlook on the future.

Separate consumer data this week from the Conference Group showed its consumer confidence index plunging to an all-time low, further illustrating the effect the recession is having on consumers nationwide.


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