CNBCAdmitsEconomicPessimismSurgedTo 2 YearHighs
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You know it’s getting troubling when everyone’s favorite hopium-providing financial-advisor-pitchfest channel is unable to find a silver-lining upon which to place your BTHFATH 401(k) bets. Steve Liesman unveiled the CNBCAll–AmericanEconomicSurvey and it was not pretty. In a nutshell, optimism is plunging and pessimism is surging as 61% are downbeatonthecurrentstateoftheeconomyandpessimisticfortheeconomicfuture.
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Smaller expected gains in Americans’ paycheck and housing values cast a pall on sentiment in the quarter and reversed a brief blip of optimism measured three months ago. Thesurveyfoundthatmiddleclassattitudesregisteredsomeofthebiggestdeclines.
The percentageofwhite collar workerswhobelievetheeconomywillimproveinthenextyeardeclined 18 points compared to the second quarter, three times the decline for all adults.
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More significantly, just 34 percentofrespondentsexpectanyincreaseatallintheirpaychecks, comparedwith 41 percent a quarterago.
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