There is a risk consumers will take the president's remarks as an indication that the situation is more serious than expected.

We have fewer consumers who have positive views of housing prices of any time since 1982 and fewer consumers who have positive views of interest rates of any time since the last recession.

Consumers have become increasingly pessimistic about their future income and job prospects, and as a result will continue to slow the pace of their spending during months ahead.

Consumers anticipated that higher interest rates will ultimately slow the overall pace of economic growth.

The growth slowdown anticipated by consumers is very mild, but just enough to result in smaller job gains and a somewhat higher unemployment rate during 2006.