Ohio's current readings still don't indicate extreme pessimism. The Michigan index had consumer-confidence readings in the 60s during the recession of 1990. Lucia Dunn, an OSU professor of economics who analyzes the findings, said the results weren't surprising. But we're not seeing a collapse. But economists agree that fewer purchases by skittish consumers could worsen the situation.
Consumer spending accounts for two-thirds of all U.S. economic activity.
Consumer spending is the front-line of the economy,'' said James W. Coons, chief economist for Huntington Bank. Isaac said news reports of every aspect of the economy are contributing to his caution. He feels secure in his job and doesn't know anyone personally who has been laid off. But he resisted the urge to buy a new car. You see news accounts of layoffs and unemployment going up,'' he said.