Consumer spending fell again in September, the Commerce Department reported Friday, marking the third decline in four months as retailers brace for a slow holiday season. With consumers keeping a tight grip on their wallets and pocketbooks, retailers are slashing prices to entice worried shoppers into their stores. But retailers' prospects for the holidays are darkening as the days get shorter.
NEW YORK (AP) -- Stocks edged higher to start the week after economic reports suggested that the recovery is continuing. The Commerce Department said consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices. The National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose in every region but the Northeast, but remained below what is considered a healthy level.
NEW YORK -- Stocks closed with slight losses Monday after falling in the last half-hour of trading. Major indexes had been up for most of the day after several economic reports suggested that the recovery is continuing. The Dow Jones industrial average fell 22.71 points, or 0.2 percent, to 12,197.88. The broader S&P 500 index lost 3.61, or 0.3 percent, to 1,310.19. The Nasdaq composite fell 12.38, or 0.5 percent, to 2,730.68. Each index had been up more than 0.4 percent earlier in the day. The Commerce Department said consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices. The National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose...
As Labor Day approaches, many of us are contemplating the end of summer, pre-season football and squeezing in the last bit of vacation. There are others, however, who are gearing up for back to school. To say I have not been eyeing back to school this year in particular would be a lie. With Commerce Department data saying consumer spending has weakened in recent months, the shots in the arm that retailers and consumer-product companies are counting on are back to school and the holiday season.
WASHINGTON (AP) -- Americans earned and spent more in March, but much of the extra money went to pay for gas. Personal incomes rose 0.5 percent last month, and consumer spending increased 0.6 percent, the Department of Commerce reported today.
A Wall Street selloff pushed the Dow below the 12,000 mark Tuesday, as jittery investors reacted to a weak consumer spending report. The Commerce Department said Americans cut their spending in June for the first time in nearly two years after seeing their incomes grow by the smallest amount in nine months.
WASHINGTON - The economy grew slightly faster in the spring than previously estimated but remained dangerously weak in the face of high unemployment and higher gas prices. Many economists foresee slightly better growth in the current July-September quarter. The annual growth rate was 1.3 percent in the April-June quarter, up from an estimate of 1 percent made a month ago, the Commerce Department said Thursday. The improvement reflected modestly more consumer spending and a bigger boost from trade.
NEW YORK - Consumers are more willing to spend, and that's making investors more optimistic about the economy. The Dow Jones industrial average rose 46 points Monday and broader indexes also climbed after the Commerce Department said consumer spending rose for the fifth straight month in February. The 0.3 percent gain was in line with economists' expectations and raised hopes that the biggest driver of the economy is continuing to rebound.
WASHINGTON - Consumer spending failed to grow in May, the Commerce Department reported Monday, providing evidence that high gas prices and unemployment continue to squeeze household budgets. When adjusted for inflation, spending actually dropped - down 0.1 percent last month. April consumer spending also showed a similar decline when adjusted for inflation. It marked the first two-month decline in inflation-adjusted spending since April 2009.
Despite ending a month with the Dow industrials with their best September since 1939, the week ended in negative terrain for the major markets. As the session closed Friday, investors indulged in a bout of profit-taking, but stocks edged higher on the last day with a report showing manufacturing growth. The Institute for Supply Management said its index came in at a reading of 54.4 in September, marking 14 straight months of growth. The number was down from August, but any reading above 50 indicates growth. Another report on Chinese manufacturing showed stronger gains there. The Commerce Department reported that consumer spending rose modestly in August, while incomes grew at the fastest pace in eight months, boosted by the extension of unemployment benefits. Meanwhile, the Labor Depart...
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