Consumer Spending Rises .4%! ! ! ! - DFWstangs Forums
 
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post #1 of 6 (permalink) Old 02-29-2008, 03:18 PM Thread Starter
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Consumer Spending Rises .4%! ! ! !

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Feb. 29 (Bloomberg) -- Consumer spending in the U.S. rose more than forecast in January, reflecting a jump in prices that is eroding Americans' buying power.

The 0.4 percent increase in purchases followed a 0.3 percent gain in December, the Commerce Department said today in Washington. The Federal Reserve's preferred measure of inflation climbed 0.3 percent, the most in four months.

After adjusting for higher prices, spending stalled for a second month, increasing concern that the biggest part of the economy is faltering. Confidence among consumers is waning as fuel costs jump, property values decline and banks restrict lending.
Too bad inflation is rising faster.
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post #2 of 6 (permalink) Old 02-29-2008, 03:29 PM
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I've noticed prices on nearly everything I buy has jumped up 10-25% in the last year or two. Car batteries sitting on the shelves went up 30% last month due to lead prices increasing. I make what seems like good money but my buying power is definitely receding.
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post #3 of 6 (permalink) Old 02-29-2008, 03:34 PM
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That goodness my income is gonna go up about 15% this year. Still ahead of inflation for now.

My 401K is now a 400K (was 301K)
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post #4 of 6 (permalink) Old 02-29-2008, 03:42 PM
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Quote:
Originally Posted by 01WhiteCobra
That goodness my income is gonna go up about 15% this year. Still ahead of inflation for now.
Congrats. Most people's situation is going to be more like danny's, and as people find themselves broke because of high prices they'll cut spending to make up for it, which of course doesn't help the economy one whit.

My personal opinion is that a lot of those gubment cheese checks we are supposed to get later in the year will go to pay down/off credit card balances, make a late mortgage payment, or will go straight into people's savings accounts. God bless the ones that'll blow it on beer and cigarettes.
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post #5 of 6 (permalink) Old 02-29-2008, 03:44 PM
No Cerveza... No Trabajo
 
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Quote:
Originally Posted by mikeb
Congrats. Most people's situation is going to be more like danny's, and as people find themselves broke because of high prices they'll cut spending to make up for it, which of course doesn't help the economy one whit.

My personal opinion is that a lot of those gubment cheese checks we are supposed to get later in the year will go to pay down/off credit card balances, make a late mortgage payment, or will go straight into people's savings accounts. God bless the ones that'll blow it on beer and cigarettes.
Makes up for the 5 years it was nothing.

My 401K is now a 400K (was 301K)
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post #6 of 6 (permalink) Old 02-29-2008, 04:08 PM
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Quote:
Originally Posted by 01WhiteCobra
Makes up for the 5 years it was nothing.
I heard that!
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