An ugly week leaves consumers, investors and economists reeling
A photograph taken with a creative effects lens shows the Federal Reserve building in Washington, D.C., on Friday. Stocks tumbled across the globe amid growing worries about the U.S. economy and Europe's mounting debt problems, causing some economists to speculate that the U.S. Federal Reserve may consider another economic stimulus program to avert a recession.Just when Adam Bruno thought his stock portfolio was finally starting to turn around, along came last week.
"Monday was okay. Tuesday was a slow decline. And Thursday, obviously, it fell off a cliff," said Bruno, 28, of River Vale. "I was worried this would be a repeat of 2008."
In all, Bruno lost more than $1,600 during a week punctuated by wild stock market gyrations and the worst performance Wall Street had seen in two years. Gold prices hit a record high, oil prices slid, and suddenly, talk of an economic recovery turned into prophecies of a second recession.
Then hours after markets closed Friday came a really ugly blow: Credit ratings agency Standard & Poor’s downgraded the United States for the first time in history — from AAA to AA-plus — calling into question the credit worthiness of a government long considered the world’s most stable. America’s leaders pointed fingers Saturday as economists and consumers alike tried to conceive of the ramifications.
For many New Jersey residents, the volatility was a sign of just how fragile the economy remains. More than two years after the recession officially ended, relief has yet to arrive. Consumers, feeling uncertain about the economy and future, aren’t even sure what to blame: the politics in Washington, the crisis in Europe, the choices of the Federal Reserve.
All they know is the situation looks bleak.
"My savings are gone," said retiree Maryanne Narco, 68, as she shopped for groceries at the A&P in New Providence. "Everything is going up — taxes, gasoline — it’s really hard right now."
The pain isn’t expected to subside any time soon.
While Friday’s jobs report showed the economy added a better-than-expected 117,000 jobs in July, it only briefly allayed investors’ fears, sending the markets up briefly and then on a wild up-and-down ride that lasted most of the day. The National Employment Law Project was quick to point out that the economy still faces a deficit of 11 million jobs.
"We still have millions of workers sitting on the sidelines," said Christine Riordan, a policy analyst for the group. "We’re a very long ways off from making a dent in the unemployment rate.
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