Consumer Spending Surges in November

[robcon]

Source: AP (Yahoo)

Consumer Spending Surges in November by Largest Amount in 3 1/2 Years

WASHINGTON (AP) -- Consumers put aside worries about slumping home sales and soaring gasoline prices and headed to the malls in November, pushing spending up by the largest amount in 3 1/2 years.

The Commerce Department reported Friday that consumer spending surged by 1.1 percent last month, nearly triple the October gain. The gain reflected various promotional efforts by retailers such as heavy discounting and longer store hours at the start of the holiday shopping season.

The November advance was the biggest one-month jump since a 1.2 percent rise in May 2004 and was significantly above the 0.7 percent analysts had expected. Incomes were also up last month, rising by 0.4 percent, double the October increase but slightly below the advance that had been expected.

An inflation gauge tied to spending showed a 0.6 percent increase in November, the biggest jump in more than two years, reflecting last month's big surge in gasoline prices. Excluding energy and food, prices were up 0.2 percent. Core inflation is up 2.2 percent over the past 12 months, above the upper range of the Federal Reserve's comfort zone of 1 percent to 2 percent.

Read more: http://biz.yahoo.com/ap/071221/economy.html?.v=6

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The Black Friday sales seems to have drawn a lot of spending, IMO. Since then, not so much, from what I've heard.

[fed-up]

1. wait til the figures are "readjusted" nt

[Purveyor]

2. Indeed. The sheeple have to be pumped up with 'well if everyone else is spending' we have to also.

[Tempest]

3. How are profits doing? LOL

Deep discounting is what brought up spending.

Just wait until companies start releasing their financials. It won't be pretty.

[Robbien]

4. The wealthy are dramatically outspending themselves

The stores selling to the wealthy are doing a booming business.

Stores selling to middle/lower classes are practically having to give stuff away to get people to buy.

The wealthy are driving this consumer spending spree.

[awoke_in_2003]

5. It sure looks that way...

I have driven past the local wally world the last 3 nights, and the parking lot was not very crowded.

[Robbien]

6. This shopping surge is propaganda, just the same as is the other famous surge

They put out articles such as this to get shoppers out to the malls. "See, everyone else is doing it, come on out."

But a closer look at the numbers reveals a very much sadder story. The hedge fund guys are all out there spending their billion dollar bonuses.

[ThePowerofWill]

10. QFT!

That right along with poster #1's remarks are the real truth. It's bullshit now, wait a month or two and they'll roll out the real numbers. Every time this administration puts out glowing numbers they always get adjusted later. "We did not lie, we made a mistake"<-------- That way they can claim the former.

[Acadia Blue]

7. This year I spent only 100.00...made my gifts...boycotted corp devils.

[happyslug]

8. Don't forget we had the earliest Thanksgiving Possible.

Since November began on a Thursday, Thanksgiving (Which is on the fourth Thursday of the Month) provided Eight days of the Christmas Season in November, the longest it can be. 2006 had been 7 days, 2005 6 days, thus there should have been an Increase in sales, you had more days for sales. Next year it will be only three days (the second shortest possible).

[fascisthunter]

9. Lol... Weeeeeeeeeeee

:crazy: