Results matter

That's what our President is saying, right. Well check out the some of the latest economic numbers:

U.S. consumer spending in June took its biggest plunge since September 2001 as shoppers, sapped by high energy costs, cut back sharply on car purchases, a government report showed on Tuesday.

Personal spending dropped 0.7 percent in June after climbing 1 percent in May, according to Commerce Department data. Wall Street had braced for a mild 0.1 percent drop.

Adjusted for inflation, spending tumbled 0.9 percent.

(snip)

Another report suggested the U.S. labor market recovery was struggling to gain momentum. Outplacement firm Challenger, Gray & Christmas said employers announced 69,572 job cuts in July, up from 64,343 in June, but down 18 percent from a year ago.

(snip)

The report on consumer spending showed incomes up a tepid 0.2 percent in June, a slowdown from May's 0.6 percent gain.

After inflation and taxes, the meager income gain left consumers no better off than they had been a month earlier. The department said disposable income rose 0.2 percent, but was unchanged when inflation was taken into account.

Wages, which had risen 0.6 percent in May, were unchanged in June, the weakest reading since December.