In the short term, demand will taper off again, Waldrop predicted, because of lower consumer confidence levels.

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While rising food and energy costs are forcing consumer sentiment metrics lower, with the University of Michigan consumer confidence index hitting a 16-month low in March and probably heading lower, according to Capital Economics, consumers have managed to weather the storm and keep spending going.

FORBES: Don't Expect Consumer Resilience To Rising Gas Prices To Last

The low footfall rates for Scotland in February are a reflection of low levels of consumer confidence and lower levels of sales growth, according to SRC director Fiona Moriarty.

BBC: Shopper

In addition, the company now faces market contraction in the wake of the sovereign debt situation in Europe, rising unemployment in the U.S., softness in consumer confidence and lower GDP expectations in many parts of the world.

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Stocks are trading lower today following reports that "consumer confidence" dipped sharply in July and is now at a five-month low.

FORBES: Magazine Article

Fresh data on inflation and housing last week suggest the U.S. recovery remains on track, while consumer confidence numbers suggest that the actual onset of lower after-tax incomes in the New Year dampened sentiment.

FORBES: U.S. Recovery Remains On Track With Modest Growth

The outlook for the next six months is also better, said NAHB chief economist David Crowe, thanks to lower inventory of homes available for sale, mortgage rates near record levels and better consumer confidence.

FORBES: Hiccup In Housing Data As Builder Confidence Softens

Nonetheless, persistent economic weakness and declining consumer confidence, says Stack, suggest that the claw of the bear may send stocks lower still.

FORBES: Magazine Article