Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

U.S. Personal Spending Falls 0.5%; Incomes Drop 0.1%

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
 
bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-30-05 11:52 AM
Original message
U.S. Personal Spending Falls 0.5%; Incomes Drop 0.1%
Sept. 30 (Bloomberg) -- U.S. consumer spending fell in August by the most in more than three years, led by a slump in automobile purchases, and may keep dropping as Americans pay record gasoline prices in the wake of the hurricanes. Incomes unexpectedly dropped because of uninsured property losses after Hurricane Katrina.

The 0.5 percent decline in spending followed a revised 1.2 percent gain in July, the Commerce Department reported today in Washington. The drop in spending was the biggest since May 2002. Incomes fell 0.1 percent, the first decline since January, after a 0.3 percent increase the previous month.

Uninsured property losses from Katrina reduced personal income by about $100 billion, Commerce said. The slump in spending may spread beyond autos this month as Americans forgo nonessential purchases, such as visiting restaurants or buying clothes, to pay soaring fuel bills, economists said. Consumer confidence fell by the most in 15 years this month after Hurricane Katrina devastated the Gulf Coast and pushed gasoline prices to a record.

``This was bad, but September is going to be terrible,'' said Christopher Low, chief economist at FTN Financial in New York. ``Consumers are clearly shaken badly by the storm.''

Bloomberg
Printer Friendly | Permalink |  | Top
liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-30-05 11:56 AM
Response to Original message
1. This was before a massive hurricane hit the Gulf Coast
However, mark my words, the bu$h regime and all their little loyalist will claim Katrina for fault of the downturn in the already flagging economy!
Printer Friendly | Permalink |  | Top
 
TheCowsCameHome Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-30-05 11:57 AM
Response to Original message
2. Impossible. Everything is coming up roses, according to the RW shills.
Printer Friendly | Permalink |  | Top
 
On the Road Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-30-05 12:35 PM
Response to Original message
3. It is Highly Unusual
for the market to be flat on the last day of a month.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Nov 26th 2014, 05:05 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC