December 21, 2012 |
WASHINGTON -- Consumer spending rose 0.4% in November after a drop the previous month attributed to Superstorm Sandy, the Commerce Department reported Friday. Personal income also increased last month, jumping 0.6% from October, giving consumers more money in their wallets to spend. The new figures showed Americans shrugged off concerns last month about the large tax increases and government spending cuts looming Jan. 1, known as the fiscal cliff. Personal consumption expenditures increased $41.3 billion in November after falling by $20.2 billion, or 0.1%, in October, the Commerce Department said.
November 30, 2012 |
WASHINGTON -- Consumer spending dipped in October, the first decline in five months, as Superstorm Sandy took a big bite out of paychecks in the Northeast. Personal consumption expenditures fell by $20.2 billion, or 0.2%, last month compared with September, the Commerce Department said Friday. Income growth was basically flat in October, increasing $800 million, or less than 0.1%. Quiz: How much do you know about the 'fiscal cliff'? Both figures came in below analyst expectations of about a 0.1% rise in spending and a 0.2% increase in personal income.
October 29, 2012 |
WASHINGTON -- Consumer spending rose 0.8% in September, the third straight monthly gain and the biggest increase since February, the Commerce Department said Monday. Personal consumption expenditures increased $87.9 billion last month after increasing a revised $59.9 billion, or 0.5%, in August. Consumer spending has been up each month since coming in flat in June following a decrease of 0.2% the month before. September's figure came in above analyst expectations of an increase of 0.6%.
September 28, 2012 |
Americans spent more in August than the month before, buying more cars and paying up for gas. But many funded their expenditures by raiding their savings accounts. Consumer spending, a major contributor to the country's economic activity, increased 0.5%, or $57.2 billion, to a total of $11.2 trillion. The gauge had risen 0.4% in July, according to the Commerce Department . But personal income only grew 0.1%, the same amount as in July. The savings rate slipped to 3.7% of after-tax income after reaching 4.1% the previous month.
August 31, 2012 |
Shoppers hit the malls for back-to-school shopping in August and handed retailers a healthy boost in sales despite continued worries about the job market and a sluggish economy. With many Southland schools already starting their fall terms and more opening in the next few weeks, retailers have aggressively pushed promotions to encourage shoppers to scoop up backpacks, clothes and notebooks. Analysts say brisk sales during back-to-school months are an encouraging sign for the upcoming holiday season.
August 30, 2012 |
Consumer spending, a top economic motivator, made its biggest jump in five months - but uncertainty over rising gas prices, still-high unemployment, a looming fiscal cliff and the election threaten to keep growth subdued. Personal consumption expenditures rose 0.4% to $46 billion in July, the Commerce Department said. In the previous month, the measure barely rose. The uptick in spending likely resulted from rising incomes, which grew 0.3% in July - slightly less than in June but continuing the gauge's 8-month run of gains.
July 16, 2012 |
Retail sales fell in June for the third straight month, knocking down economic growth projections for the second quarter and dimming the outlook for hiring in the near term. The 0.5% drop from May was broad-based; consumers pulled back on spending for cars, electronics, furniture, building materials and other goods, the Commerce Department reported Monday. The report surprised analysts, who were expecting a small increase in retail sales after two prior months of declines.
July 13, 2012 |
WASHINGTON -- Consumer confidence has fallen to its lowest level of the year this month as discouraging economic news here and abroad erodes Americans' view of the recovery. The preliminary reading for July from the Thomson Reuters/University of Michigan Survey of Consumers fell to 72 from June's figure of 73.2, the second straight monthly decline, Reuters reported Friday. Economists surveyed separately by Bloomberg had expected the confidence reading to tick up to 73.5.
June 26, 2012 |
It's the consumer version of June gloom: Americans this month are the most down and out they've been in five months, as hiring and income prospects dim. An index of sentiment compiled by the Conference Board slid to 62 in June from 64.4 in May, the fourth consecutive decline. “If this trend continues, spending may be restrained in the short term,” said Lynn Franco, the Conference Board's director of economic indicators, in a statement. Consumer spending makes up the majority of the U.S. economy.