America's consumer-confidence index has fallen to a 28-year low, which suggests that consumer spending will fall. This, in turn, will spur firms to cut costs and limit pay rises.

美国消费者信心指数已经跌至28年来最低，意味着消费支出降低，这又会刺激企业进一步削减成本，控制工资上升。

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But that owed more to a collapse in imports, caused by a 25% fall in consumer spending, than to reviving exports.

但这更加归因于由减少25%的消费造成的进口崩溃，而不是出口的复苏。

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With housing being such a critical driver of consumer behavior, any further substantial fall in home prices will SAP confidence and lower spending.

由于房地产是消费行为的关键驱动力，只要房价今后出现进一步大幅下跌的局面就必将削弱消费者的信心，降低消费。

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By contrast, the National Institute of Economic and Social Research foresaw in July that the saving ratio would rise to 6.1% this year and 8.9% in 2010, resulting in a further fall in consumer spending next year, of 1.1%.

ECONOMIST: The return of thrift

OECD, a steep, lasting fall in stockmarkets could inflict a real dent on consumer spending.

ECONOMIST: Equity markets: That sinking feeling | The