The BEA reported today that real consumer spending increased in July to $9.428 trillion (2005 dollars), setting a new monthly record (see chart above). Consumer spending in July increased by 0.46% from June, and by 2.3% from a year ago. That was the highest monthly increase in consumer spending since December 2009, 19 months ago. By major product type, the largest increase in July was the 2% jump in spending by consumers on durable goods.
In comparison to the cyclical peak in December 2007 when the recession started, real consumer spending in July was 1.1% and $100.4 billion above that pre-recession level. Despite low readings for consumer confidence based on survey data, the spending data tell a different story: consumer spending is coming back strong to new record levels almost every month.
I wonder how long till the Bachmann-Perry's spin this as a GOP success.
ReplyDeleteBob said it first. Dang.
ReplyDeleteI wish I was smart enought to understand national and international finances. the retires budget sometimes out foxes me. hahaha
ReplyDeleteThanks for the post!!!!
The problem is that the President good press can't outshout the Repugs noise making machines..!
ReplyDelete