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Consumer spending increased in May 2009, June 2009, July 2009, respectively.
Good lad.
...The trend was broken in Q1 of this year, when spending rebounded a bit, posting a 0.6% rise. But now we learn that consumer spending overall fell again in the three months through June, dropping 1.2%. What's more, the fall was across the board, in durable and nondurable goods. Only services managed to eke out a tiny but statistically insignificant gain.
...because it doesn't look good, so let's leave it out.
Well, there are ten leading indicators that are used, and it would be a simple enough matter to make it eleven if there were any thought that doing so would result in a better index. Nothing doing so far, though...
1. No one ever claimed that all of a sudden things would be excellent. It was said from early on it would take some time. The first step would be to stem the job loss a bit and then the jobs would recover. Its going to take time to turn around the immense losses we were seeing prior to Obama taking over. Yes, the numbers for this month are disappointing, but they we the loss was 400,000- 500,000 LESS than the losses we were experiencing late last year and early this year pre-stimulus.
2. The little chart that is in the OP the right wing likes to throw around. Keep in mind that the chart was made by the transition team prior to Obama even taking office. Due to the fact the chart was a couple months old by the time the Stimulus package was passed and did not take into consideration the rise in unemployment between the time the chart was created and when the Stimulus was passed the unemployment rate was 1% higher at passage of the Stimulus than suggested in the chart.
You read that on a bubblegum card.
0bama claimed unemployment would stay below 8% and it ballooned to almost 9% by April WITH HIS STIMULUS BILL.
He lied to us, mislead us, purposely distorted the facts, lured the public with rosy scenarios - whatever you want to call it, just so he could pass his $787,000,000,000 Porkulus Plan, and now he says it is working as intended. Wake up dude, your hair is on fire.
Nope. On Thursday August 27th US Q2 GDP data was released. The report shows Q2 Consumer Spending fell by 1.2%.
The data are for personal consumption expenditures, which are not at all the same as retail sales, and the Q2 PCE number was revised on September 30 to show a 0.9% decrease. If you're going to use the wrong number, at least use the right version of it...
...The trend was broken in Q1 of this year, when spending rebounded a bit, posting a 0.6% rise. But now we learn that consumer spending overall fell again in the three months through June, dropping 1.2%. What's more, the fall was across the board, in durable and nondurable goods. Only services managed to eke out a tiny but statistically insignificant gain.
The data are for personal consumption expenditures, which are not at all the same as retail sales, and the Q2 PCE number was revised on September 30 to show a 0.9% decrease. If you're going to use the wrong number, at least use the right version of it...
Well then, we need 12% unemployment, think how much consumer spending will go up then.
Incorrect inference, amigo.
As stated before unemployment - and rising unemployment in all probability - will be a fact of life for the next 6-12 months.
Thats what happens when the world goes through the biggest economic implosion since the 1930's.
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