- CNBC -
The debt ceiling debate, a slowing economic recovery, and the more recent slide in stocks has given consumers plenty of reasons to be cautious, and it's starting to show up in the numbers.
"Consumer angst increased in July, as a succession of negative economic headlines and the debt ceiling debate combined to put a damper on consumer spending," First Data said in their report. "Even though input costs have risen with inflation, many merchants have responded by slashing prices in order to spur consumer demand. This trend will have a negative impact on these retailers heading into the peak of the back-to-school shopping season."
Read it all.