A flurry of economic numbers were released this morning, many of which provide important updates on the state of the American economy. The numbers, which include MBA Mortgage Applications, Personal Spending, and Initial jobless claims, give progress reports about various intimate aspects of the American lifestyle.

The first number to be released this morning was the MBA Mortgage Applications number. It measures the relative demand of prospective homeowners in the US, and it turned out to be -1.2%. While it was an improvement in the previous week's number of -10%, it still represents a decline in new mortgage underwritings and refinancing activities. This trend may reflect a general decline in consumer confidence, especially since mortgages are significant investments for the majority of Americans.

Durable Goods Orders continued its decline this past week, decreasing by about 0.7%. This estimate is not as low as analysts thought, as they estimated a decline of 1.2%. This particular piece of news seems double-edged, but it is important to remember that a decline is still a decline. The Durable Goods Orders number measures the amount of consumer spending on products that are deemed to be durable, which includes goods that last more than three years.

Personal Income and Personal Spending also gave an interesting outlook as far as consumer behavior goes. Personal income increased by 0.4% - higher than estimates of 0.3% - which means that wages and salaries may be increasing at a higher rate than previously thought. At the same time, personal spending only increased by about 0.1%, versus an estimate of 0.3%. This indicates that consumers are saving more, despite increasing wages. This means that consumers are more wary about the general economy, scrounging as much money as possible to protect themselves.

Initial Jobless Claims and Continuing Claims came were both higher than analysts' estimates. The metrics are of particular importance as they give a clear snapshot of how employment in the US is progressing. It appears the jobless situation is accelerating, as the numbers were higher than previous jobless claims numbers as well. While it seems that these numbers contradict the income and spending numbers, some may speculate that the wealth is simply being transferred. As some citizens are earning higher wages, other Americans are being fired.

Lastly, the University of Michigan Consumer Confidence survey came in at 64.1 versus an estimate of 64.5. Once again, this number missed estimates and also missed its prior rating, which was 64.2. This enforces the observation that consumers are having waning confidence in the American and global economic situation.

Ultimately, it looks like consumers are losing confidence in the economy and are trying to protect themselves from a possible recession. By spending less and saving more, consumers are putting themselves first and are bracing themselves for impact. Considering the negative news coming from both the US and from Europe, consumers may be reacting properly to the global activity.