Tuesday, August 18, 2009

Gallup Economic Weekly: Spending Hits 2009 High

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PRINCETON, NJ -- Back-to-school spending seemed to show up during the week ending Aug. 16, as self-reported average daily spending hit a new high for the year. At the same time, consumer confidence maintained its new high of the prior week and job creation eased, but only slightly.

Originally posted at Carpe Diem.


At 8/19/2009 5:25 PM, Anonymous Anonymous said...


Both the U. Mich. and Conference Board consumer sentiment/confidence surveys have been down lately, including the expectations index.

Retail sales were up ONLY because of cash for clunkers. Government transfers have only barely maintained consumption. The summer/back to school peak is over and it's all downhill from here.

Between now and year end, 1.5 million people will come off unemployment benefits unless government extends them. Incomes are down across the board except rental income. Tax receipts are low. That means much higher deficits in the next year.

Hint: candy is already on sale for Halloween and Christmas items are also beginning to appear. The retail desperation is palpable! Small businesses are holding on by their fingernails and won't hold out until sales recovery- emergency reserves are GONE.


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