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Topic: Consumers turn in worst performance in 12 years
| Author | Message |
| UGoGirl | Posted – 7/27/2007 9:33:08 AM | show profile I just love this kind of article. Damn you consumer, get your act together and keep spending. I'm very disappointed in your performance. I don't care that your savings rate has been in negative territory for several years, that real incomes are falling, and that you are about to foreclose on your mortgage and that the price of food, fuel, and everything else is going up. God damn it, get your spending up!! **** MARKETWATCH FIRST TAKE Consumers flagging in second quarter Commentary: Consumers turn in worst performance in 12 years WASHINGTON (MarketWatch) -- Battered by the highest inflation in 17 years and a collapsing housing sector, U.S. consumers turned in their worst performance in 12 years during the second quarter of 2007. ...Business investment, government spending and foreign buyers all contributed more to economic growth than consumers did during the quarter. ...The revisions show consumer spending was slightly lower than previously reported over the past three years, while personal incomes were slightly higher. However, the gains accrued mostly for the wealthy in the form of dividends and interest on assets. ...In the second quarter, real disposable incomes fell at an annual rate of 0.8%, the weakest since Hurricane Katrina. After adjusting for the 4.3% rise in inflation, wages and salaries fell at a 1.3% annual rate. MarketWatch |
