Back against the Wall consumers spending their meager savings to buy food and gas: Market rejoices!
The Commerce Department said on Monday consumer spending rose 0.8 percent, the largest increase since February, after an unrevised 0.5 percent gain in August. (Reuters) – Consumer spending rose solidly in September as households stepped up purchases on automobiles and a range of other goods, but the increase came at the expense of savings.
Economists polled by Reuters had expected spending, which accounts for about 70 percent of U.S. economic activity to increase 0.6 percent in September.
When adjusted for inflation, consumer spending increased 0.4 percent after edging up 0.1 percent the prior month.
Financial markets showed little reaction to the data. U.S. stock markets will be closed on Monday, and possibly on Tuesday, as a mammoth storm threatens the U.S. East Coast.
Continue Reading: Consumer spending rises, but saving slows | Reuters
Signs of Bible Prophesies fulfilled in Current Events
2012-10-29 16:00:06
Source: http://apocalypse2010.blogspot.com/2012/10/back-against-wall-consumers-spending.html
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