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Thread: US Consumer Spending Falls for the First Time in 6 Months

  1. #1

    US Consumer Spending Falls for the First Time in 6 Months

    "Consumer spending in the U.S. unexpectedly dropped in July for the first time in six months, a sign households are lagging behind as wages fail to accelerate.

    Household purchases decreased 0.1 percent after increasing 0.4 percent in June, Commerce Department figures showed today in Washington. None of the 79 economists in a Bloomberg survey projected a decrease. Incomes climbed 0.2 percent, the smallest monthly advance this year."

    Its a weak starting point for the third quarter, said Jacob Oubina, senior U.S. economist at RBC Capital Markets LLC in New York. Its going to lead to a markdown in third-quarter forecasts. RBC Capital Markets is the top forecaster of personal spending over the past two years, according to data collected by Bloomberg.


    This is not a good sign.

    http://www.bloomberg.com/news/2014-0...ix-months.html

  2. #2

    Re: US Consumer Spending Falls for the First Time in 6 Month

    It will pick up but when is the question. My guess is that the job situation is one where it is mostly part time jobs which do not pay very much. I know at our institution we hired 50 adjuncts. Obviously all part time and because of that damn law where every adjunct's teaching load is limited. So the job numbers look good but when you are limited to four students in that major for a semester or 8 credit hours overall you just are not going to make much.

    In the meantime I know we are cutting spending. Cut out the vacation this summer and will not be attending any of our football home games.

  3. #3

    Re: US Consumer Spending Falls for the First Time in 6 Month

    Following the significantly weaker-than-expected spending data, the sell-side has begun its inglorious downgrades of the exuberant hockey-stick growth expectations they all extrapolated off Q1 lows... Goldman cut from +3.3% to +3.1% and Barclays slashed Q3 GDP expectations from +2.7% to a mere +2.2%.


    So much for 2% GDP growth this year...

  4. #4
    Administrator FSU_Jeep's Avatar
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    Re: US Consumer Spending Falls for the First Time in 6 Month

    Maybe Obama will send out some stimulus money, I like how it works so well.

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