Consumer spending makes up roughly 70 percent of the American economy, as measured by Gross Domestic Product.

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Consumer spending makes up about two-thirds of US economic activity and any fall in confidence could lead to weaker growth.

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Rogoff says that will make the recession deep and painful because consumer spending makes up nearly 70 percent of the U.S. economy.

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But consumer spending, which makes up 60% of the economy, was still depressed.

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Consumer spending, which makes up about 70% of the U.S. gross domestic product, is expected to be about in line with its activity last year, which had more pent-up demand and a larger trough to climb.

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