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November 25, 2009 – Comments (1)

Weekly claims for jobless benefits plunge to 466,000, lowest level in more than a year
By Martin Crutsinger, AP Economics Writer On 8:47 am EST, Wednesday November 25, 2009

Consumer Spending Rose Higher: (Consumers account for 70% of US economy)

The consumer rallied in October as both personal income and spending exceeded consensus expectations. Personal spending rose, nominally, 0.7% while the consensus was only expecting a 0.5% increase. In real terms, consumption spending increased 0.4% after declining 0.7% in September. The jump in spending was mostly due to a large jump in motor vehicles and parts sales. Vehicle sales jumped 7.5% in October. Excluding motor vehicles and parts, total consumption increased 0.2%. The increase in spending outside the motor vehicle sector is good news for the economy... Auto manufacturers believe there is enough pent up demand for new vehicles to allow sales to grow through the middle of 2010.

1 Comments – Post Your Own

#1) On November 25, 2009 at 11:47 AM, cbwang888 (25.91) wrote:

This winter is going to be cold for domestic retailers, SMBs, restaurants and shopping malls.

USD has gone down 15+% against a bucket of currencies this year. It reduced the buying power US consumers. At the same time, energy and commodity prices are heading up. 

At the same time, US workers are still LOSING jobs. The real unemployment number is more than 17%. You can cheer 400K loss is a smaller number than what we saw all this year but many are'nt working for more than a year and this is going to be the coldest winter for them...

 

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