Consumer pain adds to weak job growth

By Annalyn Censky @CNNMoney June 3, 2011: 2:19 PM ET

NEW YORK (CNNMoney) -- A dismal jobs report defied Wall Street's expectations Friday.

But considering the beating consumers have taken recently, why was anyone surprised?

The American consumer is now feeling the cost of $4 gas and higher food prices, seeing their wages rise very little and still being held back by declining home values, which recently fell to their lowest level in nine years.

"Remember, the consumer accounts for roughly 70% of the overall economy," said Kathy Bostjancic, director for macroeconomic analysis at The Conference Board. "If the consumer is showing reluctance, then that does not incentivize companies to build up or hire."

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http://money.cnn.com/2011/06/03/news/economy/weak_jobs_report_consumers/index.htm?iid=HP_LN