July 2nd, 2009
01:30 PM ET
5 years ago

Cafferty: In light of recession, how will this 4th of July be different?

 Join the conversation on Jack's blog.
Join the conversation on Jack's blog.

As millions of Americans get ready for the July 4th holiday weekend, some more dreary news on the job front.

The government reported another 467,000 jobs were lost in June — far worse than forecast and the first time in four months that the number of jobs lost went up.

The unemployment rate — now at 9.5 percent — has gone up for nine straight months and sits at a 26-year high. One expert describes these numbers as not catastrophic… but "still pretty damn lousy."

As the recession drags on, a new Gallup poll shows 71-percent of Americans say they have cut back spending… while 88-percent say they're watching spending very closely. This is despite the fact that 78-percent of those surveyed say they have enough money to buy only what they need.

21-percent say they worried "yesterday" about spending too much.

Gallup suggests these results show Americans may have reached a "new normal" of spending less and that frugality may become a permanent part of the national fabric.

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