May 20, 2013 |
WASHINGTON -- Consumers will help keep economic growth on track this year, as new projections of their spending indicate it will offset the hit to the recovery from the federal government's automatic budget cuts, a panel of economists said Monday. The National Assn. for Business Economics estimated that the nation's economic output would grow 2.4% this year, the same as the group projected in February. That's up from 1.7% growth in 2012. And the organization said growth should pick up to 3% in 2014.
April 29, 2013 |
WASHINGTON -- Consumers spent more in March even as their income rose less than analysts had projected, a mixed economic message to start a week that will end with the latest government unemployment report. Consumer spending was up 0.2% last month, down from February's 0.7% rise, the Commerce Department said Monday. But spending still was up, an unexpected improvement. The median estimate of economists surveyed by Bloomberg News was that spending would be flat. The March increase in spending came despite personal income's rising just 0.2%., less than the 0.4% estimated by economists.
April 19, 2013 |
California's economic recovery continued to outpace the nation's in March as its unemployment rate fell to 9.4%, the lowest in more than four years for the Golden State. The state increased its payrolls by 25,500 jobs and pushed down the jobless rate from 9.6% in February, according to data released Friday by the state Employment Development Department. But the economic picture was not all rosy. Although jobs were added because of a rising housing market and continued consumer spending, 14,900 people dropped out of the workforce, mirroring a national trend of job seekers who become discouraged and give up looking for work.
April 8, 2013 |
The workplace is changing as many companies, looking to increase productivity, ask employees for more while giving them less, according to a Los Angeles Times series. That's difficult for individuals at work - but it might also have a profound impact on the economy in the long-term. If workers feel that they have little job security and could be replaced at any time, they're unlikely to spend a lot of money on the big ticket items that fuel consumer spending and, thus, the GDP. With professional development opportunities disappearing, promotions are harder to come by, restricting access to the middle class.
March 29, 2013 |
California's economic growth revved up in February as employers added 41,200 jobs, one of the highest monthly gains since the Great Recession ended nearly four years ago. The payroll gains helped push the unemployment rate down to 9.6% from 9.8% in January, according to data released Friday by the state Employment Development Department. The growth in net new jobs, buoyed by increased consumer spending, was another positive sign for a state that has steadily gained jobs over the last year, hitting a monthly high of 74,000 in January 2012.
March 29, 2013 |
WASHINGTON -- American consumers are showing remarkable resilience. Despite the weight of higher payroll taxes and pump prices, consumer spending rose a surprisingly strong 0.3% in February from the prior month, after adjusting for inflation, the Commerce Department said Friday. That prompted a number of economists to boost their forecast sharply for personal spending and economic growth for the first quarter. Moreover, a major indicator of consumer confidence edged up in March to its highest level since November, confounding analysts' projections that the University of Michigan survey would slip as consumers also took in the news of the new government spending cuts under sequestration.
March 13, 2013 |
WASHINGTON -- Consumer spending grew at a surprisingly strong pace last month, another encouraging sign that the economy may be gaining momentum despite the hit from higher taxes and gas prices and fears of government spending cuts. Retail sales rose 1.1% in February from the prior month, seasonally adjusted, thanks in large part to robust gains for cars and building materials and at Internet stores, the Commerce Department reported Wednesday. The overall sales rate increase was the biggest in five months and about double what many analysts had forecast.
March 1, 2013 |
WASHINGTON -- Consumers spent slightly more in January than the previous month even as their income plummeted by the largest amount in 20 years because of the "fiscal cliff," the Commerce Department said Friday. People boosted their spending by saving less money as they sought to offset tax increases that took effect. The personal saving rate in January was 2.4% -- down from 6.4% in December -- marking the lowest monthly level since late 2007. Personal consumption expenditures rose 0.2% in January following a 0.1% rise in December.
CALIFORNIA | LOCAL
December 31, 2012 |
At her store in Chinatown, Tracy Tieu replaces red and green Christmas trinkets with red and gold Lunar New Year decorations as she greets shoppers fresh from Las Vegas. A mother strokes a jade dragon leaping from a dark wood emblem. A man and his wife unfurl scrolls bearing symbols of wealth. A student buys assorted little Buddhas, lining them up by belly size. Inside the shop, Wing Ha Hing Gifts & Arts, Asian travelers this past weekend talk about how many aunts, uncles, cousins and grandparents they expect to host at noisy family gatherings.