NEW YORK – U.S. consumer sentiment worsened in June on jitters about the economic outlook and spending is likely to remain lackluster in the long-term, CNBC reported.
Falling gasoline prices stabilized consumers’ view of their current economic conditions, but expectations remained gloomy, the Thomson Reuters/University of Michigan survey showed.
While small spending gains can be expected in the second half of the year, the trend is more likely to vary between lackluster and zero than lackluster and robust over the next several years, CNBC reported.
“Resurgent spending is not on the horizon, nor is widespread retrenchment,” survey director Richard Curtin said in a statement. “Importantly, the consumer no longer has the financial wherewithal to power the economy into overdrive.”
Recently, Curtin issued a projection to the RV Industry Association suggesting that RV shipments would increase 7.4 percent this year, and another 3.9 percent in 2012. To see his projection for the RV industry, click here.
On June 6, Curtin told RVIA members, “The RV market is expected to continue to grow at a reasonably robust pace, especially in view of the overall economic environment. The ability to record consecutive annual gains in consumer sales against formidable headwinds underscores the appeal of the RV lifestyle.”
To read the full story on CNBC, click here.