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A survey conducted by the University of Michigan revealed that consumer sentiment — a key economic indicator — dropped 12% in March, the third consecutive month of reduced confidence in the economy.

But raw unemployment is considered a lagging economic indicator, and there is quite a bit of evidence supporting the premise that, below the surface, the biggest drivers of new employment — online job listings — have become elaborate façades destined to cause more problems than they solve for those seeking work.

But Wall Street and Washington are closely monitoring another worrying economic indicator: the struggling consumer.

Yes, plenty of people have retirement savings in their 401ks but for the most part, this particular economic indicator doesn't tell the average American much about their everyday economic lives.

The main economic indicator will be Australian retail sales for October.