MORE GLOOMY ECONOMIC REPORTS ISSUED FRIDAY

Consumer spending after adjusting for inflation was flat in January for the second consecutive month. And, the Reuters/University of Michigan consumer sentiment numbers were the worst since 1992.

From USA Today:

The Commerce Department said consumer spending posted a 0.4% rise in January. However, all that gain came from a surge in inflation. Taking away the effect of higher rices, spending showed no gain in January or December.

Consumer sentiment dropped to a 16-year low in February on worries about declining incomes and rising unemployment, the Reuters/University of Michigan Surveys of Consumers showed.

Adding to the grim view, consumer expectations for the future also hit a 16-year low, while worries about their ability to makes ends meet and the overall economy were as bad as they have been in decades, the survey said.