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Economy
In reply to the discussion: Weekend Economists Get Syri-ous August 30-September 2, 2013 [View all]xchrom
(108,903 posts)20. Cooler Spending in U.S. Signals Slow Start for Quarter: Economy
http://www.bloomberg.com/news/2013-08-30/consumer-spending-in-u-s-increased-in-july-for-a-third-month.html
Consumer spending cooled in July as income growth slowed, indicating the worlds largest economy was off to a slow start in the third quarter.
Purchases rose 0.1 percent after a 0.6 percent June gain that was larger than previously estimated, according to Commerce Department data issued today in Washington. Other reports showed business activity picked up this month and consumer sentiment declined less than projected from Julys six-year high.
Gains in incomes are barely keeping pace with inflation, a sign employment will need to pick up for the expansion to strengthen. At the same time, rising home values are helping bolster household purchases of appliances and automobiles even in the face of rising mortgage rates, prompting Ford Motor Co. (F) to project sales this month will be the strongest since 2007.
Its an incrementally positive story, said Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC in New York, whose firm is the second-best consumer spending forecaster for the past two years, according to data compiled by Bloomberg. Weve seen a very, very weak July, but the data that we have in hand for August suggest that were going to see a pretty significant rebound.
Consumer spending cooled in July as income growth slowed, indicating the worlds largest economy was off to a slow start in the third quarter.
Purchases rose 0.1 percent after a 0.6 percent June gain that was larger than previously estimated, according to Commerce Department data issued today in Washington. Other reports showed business activity picked up this month and consumer sentiment declined less than projected from Julys six-year high.
Gains in incomes are barely keeping pace with inflation, a sign employment will need to pick up for the expansion to strengthen. At the same time, rising home values are helping bolster household purchases of appliances and automobiles even in the face of rising mortgage rates, prompting Ford Motor Co. (F) to project sales this month will be the strongest since 2007.
Its an incrementally positive story, said Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC in New York, whose firm is the second-best consumer spending forecaster for the past two years, according to data compiled by Bloomberg. Weve seen a very, very weak July, but the data that we have in hand for August suggest that were going to see a pretty significant rebound.
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