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Bad September, good Q3 for consumer spending, what's next?

Posted Oct 31st 2009 11:40AM by Tom Johansmeyer (RSS feed)
Filed under: Kellogg Co (K), Colgate-Palmolive (CL), Procter and Gamble (PG), Economic Data

Consumer spending had its largest fall this year, thanks to the end of the "Cash for Clunkers" program. And, incomes were flat. No change to the money coming in and a drop in the cash going out translates to an impediment to economic recovery.

In September, consumer spending fell 0.5%, the first decline in five months and the worst in nine. Wages and salaries dropped 0.2%, effectively offsetting the 0.2% up-tick in August. The economy did grow in the third quarter of 2009, hinting that the worst recession in 70 years may be coming to a close, but the tough September suggests we still have some work in front of us.

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Consumers picked up spending in July

Posted Aug 31st 2007 10:23AM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Good news, Consumer Experience, Economic Data

The Commerce Department reported July consumer spending numbers this morning, and as expected, consumers picked up the pace during July. Spending during July rose 0.4%, matching what analysts had been expecting to see.

What surprised analysts was the degree to which incomes lifted in the month. July saw a 0.5% rise in income, which was the best move in the past four month.

While it is great to see spending on the rise, we should definitely be cautious to read too much into the July figures. Consumer confidence has been eroding in August, so do not be surprised if July's increases wind up being temporary as the mortgage meltdown has started to weigh in on every one's mind.

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New report shows Americans earning less

Posted Aug 21st 2007 12:13PM by Michael Fowlkes (RSS feed)
Filed under: Bad News, Employees, Economic Data, Small Business

A new government report shows that American salaries fell in 2005 for the fifth straight year in a row. During 2005 the average income for American workers came out to be $55,238, which is roughly 1% less than the 2000 national average of $55,714.

For those of us who were born in a post World War II world, this is definitely a trend that we are not used to seeing. Since the end of WWII, there was only one year on record when the average income of Americans fell. But that all changed in 2001 which started the five-year slide between 2001 and 2005.

While the national average was lower in 2005 than it was in 2000, the total incomes of all Americans did rise during the period but so did the actual number of people working, which led to the lower average.

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