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Ear to the Ground

Americans Are Spending Again

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Posted on Jan 31, 2011
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Is it good news that U.S. consumer spending revved up to a three-year high in 2010? It could make for some improvement, especially if employment picks up to bolster Americans’ consumption habits in coming months, according to the BBC.  —KA

BBC:

Spending grew by 3.5% from 2009 the Commerce Department said, the best showing since a 5.2% rise in 2007—before the country went into recession.

The 2010 levels were helped by a strong December, where spending grew by 0.7%, the sixth consecutive month of growth.

Consumer spending makes up more than two-thirds of activity in the US, the world’s largest economy.

Rising incomes and the faster increase in spending meant that the savings rate dipped slightly in December, the data showed.

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By Frankthesalesforecaster, February 2, 2011 at 2:00 pm Link to this comment
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The definition of consumption includes payments in SS as well as 401k matches and other stuff (savings is what is left over for use by the partial reserve banking system.)  Part of the increase in consumption is due to increase in income.

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By Marshall, February 2, 2011 at 5:15 am Link to this comment

Spending increased, but savings fell.  Which means americans are just spending
their savings.  And since real income hasn’t risen, this gets us nowhere but closer
to debt with a looming state crisis on the horizon.  The worst is yet to come.

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By samosamo, February 1, 2011 at 4:15 pm Link to this comment

****************


Max Time! The banks just sent out a new batch of credit cards.

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By Queenie, February 1, 2011 at 12:05 am Link to this comment

Who wrote this shit? The Chamber of Commerce?

Dig those headless (brainless) mannequins. Just the way our government wants us.

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By Robespierre115, January 31, 2011 at 5:21 pm Link to this comment

...Or the population is made up of consumerist sheep. I’ve lived in the poorest areas of the Central Valley in California and you’ll find people who’ve been unemployed for months still digging deep just to buy some shiny new toys to look good. I recently met a family who lost their home and they still dived into more debt to get their kids the latest video game system.

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By prisnersdilema, January 31, 2011 at 4:54 pm Link to this comment

You mean the rich are spending, in another orgy of greed. The poor are hanging on.

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