Sunday, September 30, 2012
Any More Good Economic News Like This, And We'll All Be Wearing Pickle Barrels
U.S. consumer spending jumps in August
Sounds good, right? The recovery must be under way! Vote Obama, baby -all is proceeding as He has foreseen!
If you take into account people digging deeper in wallets for fuel, spending was only up 0.1% last month.
Income grew a tiny bit, by 0.1% as well — which actually turns into a decrease of 0.3% when taking into consideration inflation and taxes. That’s the worst rate it’s been since last November.
“The US personal income and spending data for August are worse than the headline figures suggest and indicate that subdued jobs growth is hitting incomes,” said [one economist].
dip into their savings just to be able to afford basic necessities.
Four more years of this type of recovery and, well...you saw my headline, right?