Rising Prices Beat Down Consumer Spending

BusinessRising Prices Beat Down Consumer SpendingRising Prices Beat Down Consumer SpendingThe Associated PressConsumer spending, after adjusting for inflation, fell in June as shoppers were hit with the biggest increase in prices in nearly three decades. (Aug. 4)Soaring prices on everything from gasoline to groceries are putting a squeeze on consumers wallets. The Commerce Department reported that consumer spending dipped by two-tenths of a percent in June as shoppers dealt with the biggest increase in prices since 1981. The jump in inflation ate up a part of the billions of dollars in stimulus payments delivered during the month. People were spending those checks, but much of that cash went to pay for higher prices at the pump and at supermarkets. The overall economy, meanwhile, as measured by the gross domestic product, grew at a 1.9 percent rate in the April-June quarter, more than double the nine-tenths of a percent increase in the previous quarter.Economists believe the $168 billion stimulus program will continue to lift the economy in the near term, but predict a significant slowdown in the final three months of this year and early next year. ___ ___, The Associated Press.(****END****)

Category:

News & Politics

Tags:

• economy
• rising
• beat
• consumer
• spending

[Outmodus]

Fellow-consumers around the globe, i can say i'm proud of us.

Consume less and our fake economy is in great peril! The way to go!

Here lies the power of a human, brought down to the level of a random extraction unit.

I sincerely hope big business will die off evolutionary, for the obsolete fossil that it is.

Leave them with the shit you don't need.

Remember, you can only sell horseshit products to someone who isn't complete.

Be creative, quality time can be lowbudget and is often more fun.

[Kilia40]

It's either food or gas.

Can't have both now.