Consumption, which accounts for about 70% of total spending, is constrained by high unemployment, weak wage gains, and a steep decline in home values and consumer wealth. The uptick in consumption in the last months of 2011 was financed by a decline in the household saving rate and a large increase in consumer credit.
美国就业赤字的主因是总需求不足。占美国总支出水平七成的消费受高失业、低工资增长和房价及消费者财富快速缩水的约束。2011年12月消费水平的上升是受家庭储蓄下降和消费信贷大增的提振。这两个趋势都不是健康趋势，也不可能持续。