Tuesday, January 8, 2013

Consumer and household financial outlook for 2013 bleak

The Mayan calendar prophecies are done, the bell of 2012 has struck midnight, and the Kabuki theater of Congress and the fiscal cliff completed its first act.  But for most Americans here in 2013, the debts, fears, and depressionary future is still here, and the outlook going forward has changed little.

In a new census study from Fannie Mae on Jan. 7, a large portion of Americans do not see the coming year as rosy or fruitful, and many see 2013 as being worse than the previous one.

  • The percentage who expect their personal financial situation to get
    worse over the next 12 months continued to rise, reaching 20 percent and
    the highest level since August 2011.

  • Thirty-seven percent reported significantly higher household expenses
    compared to 12 months ago, a 3 percentage point increase over the past
    month and the highest level since December 2011.

  • At 39 percent, the share of respondents who say the economy is on the right track fell by 5 percentage points from last month’s survey high.

  • Twenty-two percent of respondents say their household income is significantly higher than it was 12 months ago, a slight increase over last month and a 5 percentage point increase over September. - Fannie Mae


  • Expectedly, most economists and financial analysts will give opposing views on the state of the economy during the next 12 months, and most will be saying what their own desires lead them to believe.  However, no amount of low paying jobs, and growing food stamp applications will mask the fact that our economic growth has reached its peak in the last few years, and the coming months will be very difficult for many, with few answers coming by those in power.

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