Consumers reduce spending in August, poll finds

The findings are consistent with economic indicators that show the economic recovery is weakening, with back-to-school sales yet to supply a temporary rally in the marketplace.

“A disappointing back-to-school sales season, declining consumer confidence and a weak job market suggest that the perceived weakening of the U.S. economy is the reality on Main Street,” Gallup stated in a release.

“Federal Reserve Chairman Ben Bernanke’s ‘I’ve got your back’ speech on Friday may have made Wall Street feel better for a day or so. However, it will likely take concrete, measurable action — not just the Fed’s announcement of its good intentions to help if necessary — to build Americans’ consumer confidence,” it added.