US Consumer Confidence Drops

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　　The group's closely watched index fell from 65 in December to 61 in the first month of the new year, well below the 90 level signaling a healthy economy.

　　Economists¹ monitor consumer sentiment as a hint about the future of the national economy, because consumer spending accounts for 70 percent of the U.S. economic output.  The the world's largest economy has sluggishly² recovered from the recession in 2007 to 2009, but 13-million workers remain unemployed³.

　　Consumer worries about employment prospects⁴ may mirror January employment numbers the U.S. government will release Friday.  In December, America added 200,000 jobs, but economists are predicting the country only created 125,000 in January.

　　With 8.5 percent of the workforce⁵ unemployed, President Barack Obama called for Congress to quickly pass job-creating measures.  He wants to extend tax breaks for small businesses and give new assistance to entrepreneurs who start companies.

　　While the American economy has advanced slowly, the U.S. government has also struggled to curb⁶ its deficit⁷ spending.  The national debt has ballooned to a record-high of more than $15 trillion, and government officials say the trend is continuing.  They projected a $1.1 trillion budget deficit for the year ending in September.  That is down from last year's $1.3 trillion figure, but still high by historical standards.

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