WASHINGTON, DC---Consumer spending will lag rather than lead the recovery from the current recession, according to University of Michigan economist Richard Curtin.
"In the coming years, U.S. consumers will save more and spend less," said Curtin, director of the Reuters/University of Michigan Surveys of Consumers. "The recovery will be slow and uneven, and it could take a decade or more for consumers to restore their sense of financial security to pre-recession levels."