Personal spending and income fall dramatically
Tags: Katrina, Rita, Marketing, Hurricanes, Economy, Taxes
As we predicted at the beginning of the week, consumer spending and income have shown their largest declines in nearly four years. At the same time, the consumer price index minus food and energy increased 2.0% over last August. So not only are consumers taking less money in, the things that they do buy are costing more. And all of this is before we know the full economic of Rita.
I predict this will be a long tough winter. If I had one investment I'd bet on, it would be on anyone who makes or sells sweaters.
As we predicted at the beginning of the week, consumer spending and income have shown their largest declines in nearly four years. At the same time, the consumer price index minus food and energy increased 2.0% over last August. So not only are consumers taking less money in, the things that they do buy are costing more. And all of this is before we know the full economic of Rita.
I predict this will be a long tough winter. If I had one investment I'd bet on, it would be on anyone who makes or sells sweaters.
posted by Carl Howe at
10:32 AM
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