consumer spending – News Stories About consumer spending - Page 7

MARKETS

Feb 29, 2008 3:15 PM CST

Tanking Dow Drops 315 Points

Huge AIG, Dell losses spark sell-off

(Newser) - The Dow lost an incredible 315.79 points today to close at 12,266.39 as AIG reported the biggest losses in its history and bellwether Dell reported a year-over-year fourth-quarter profit decline of 6%. The Nasdaq slipped 60.09 to 2,271.48, and the S&P 500 lost...

Consumer Spending Stalls Again

Feb 29, 2008 12:03 PM CST

Consumer Spending Stalls Again

Confidence is falling as inflation rises

(Newser) - Consumer spending rose more than expected in January—but only because prices did so as well, Bloomberg reports. Adjusted for inflation, spending remained flat for the second straight month. With fuel costs rising, banks restricting loans, and property values falling, “consumers are clearly hard-pressed to maintain their standard of...

Consumers
Cut Credit
Card Spending

Feb 8, 2008 10:49 AM CST

Consumers Cut Credit Card Spending

Delinquencies rise; economists see slowdown

(Newser) - Americans may be falling out of love with their credit cards, the Wall Street Journal reports, and banks seem to be returning the sentiment. As more and more consumers are delinquent on their payments, banks in turn are tightening borrowing standards, making it harder for them to extend their credit....

Sony Profit Up, Forecast Down

Jan 31, 2008 7:44 AM CST

Sony Profit Up, Forecast Down

PlayStation 3 is finally in the black, but outlook for consumer electronics is weak

(Newser) - Slowing US consumer spending and a strengthening yen are prompting Sony Corp to cut its profit forecast for the fiscal year that ends in March. Estimates released yesterday were cut nearly 8%, to $3.85 billion, despite its PlayStation division showing a profit for the first time in two years,...

Amazon Gets Late Christmas Present

Jan 30, 2008 5:47 PM CST

Amazon Gets Late Christmas Present

Holiday shopping doubles retailer's quarterly income

(Newser) - Amazon's net income more than doubled in the fourth quarter, in part because of the retailer's sales gimmicks for the holidays, reports the Wall Street Journal. In addition, Amazon released a cheerier than expected forecast for this year's first quarter. The good news could help soothe Wall Street's nervousness over...

Retail Sales In Surprise Swoon

Jan 15, 2008 8:42 AM CST

Retail Sales In Surprise Swoon

Sales drop 0.4% in Dec.; consumers finally slowed by housing woes, gas prices

(Newser) - Retail sales fell 0.4% in December, an unexpected drop that capped off retailers’ worst year since 2002 and is sure to fuel rampant recession fears. “Consumer spending slowed down pretty dramatically,” one economist tells Bloomberg. “We are kind of flying very close to a stall speed....

American Express Feels Credit Crunch

Jan 10, 2008 7:33 PM CST

American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

(Newser) - With consumer spending slowing and credit defaults on the rise, American Express said today it will take a fourth-quarter charge of $275 million to build up its charge-card reserves, the Wall Street Journal reports. The company, which cited housing turmoil as a contributing factor, also predicted earnings to come in...

Goldman Predicts Recession

Jan 10, 2008 12:31 PM CST

Goldman Predicts Recession

Wall Street's top firm sees two unhappy quarters ahead

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we...

Consumers Open Wallets Wide

Dec 21, 2007 11:14 AM CST

Consumers Open Wallets Wide

Spending index records biggest increase since July 2005

(Newser) - Consumer spending grew 1.1% in November, its biggest rise since July 2005. The better-than-predicted figure accompanied a revised 0.4% October gain, adjusted from 0.2%. Taken together, the numbers “postpone fears of a recession at least until next year,” said one economist. Jobs numbers and salaries...

Nov. Retail Sales Up 1.2%; Sky May Not Be Falling

Dec 13, 2007 10:09 AM CST

Nov. Retail Sales Up 1.2%; Sky May Not Be Falling

(Newser) - November’s retail sales confounded doomsayers, surging 1.2%, twice the 0.6% analysts predicted, Bloomberg reports. Many had worried that consumer spending would take a hit as gas rose and housing fell, but now it looks like job and income growth could cushion the fall. “The numbers should...

Even Fat
Wallets Closing

Nov 25, 2007 12:34 PM CST

Even Fat Wallets Closing

Nation's wealthiest aren't spending, signaling steep economic trouble

(Newser) - Wealthy consumers, the 20% of the population responsible for nearly 40% of consumer spending, are closing their wallets, indicating an even rougher economic road ahead, reports Bloomberg. “When they begin to capitulate, that’s when we all head down,” said one economist. Blame deflating real estate prices and...

US Ranks
Third in GDP Per Person

Nov 22, 2007 11:42 AM CST

US Ranks Third in GDP Per Person

Household spending rate is second-highest in world, report says

(Newser) - The US trails only Luxembourg and Norway in GDP per person and has the second highest household spending rates among 55 nations in a new report, reports the Wall Street Journal. The GDP measures household and government spending as well as business investment and net exports. The US per capita...

GDP Grows at 3.9% Clip Despite Housing Crunch

Oct 31, 2007 11:27 AM CDT

GDP Grows at 3.9% Clip Despite Housing Crunch

GDP tops estimates on increased consumer spending

(Newser) - The US economy grew at a brisk 3.9% pace in the third quarter despite the credit and housing turmoil buffeting Wall Street, according to Commerce Department figures released today. Overall construction spending was up—with record commercial and government spending offsetting the housing slide—while individuals increased spending 3%...

Middle-Class Squeeze Is
No Illusion

Oct 16, 2007 6:19 PM CDT

Middle-Class Squeeze Is No Illusion

Don't blame frivolous spending, experts say; expenses really are up

(Newser) - The proliferation of Starbucks and designer jeans is a red herring—today's middle class has less spending money than ever, says a Harvard law professor. People can buy more stuff because prices are down, but that provides a skewed picture. "These are things you don't see at the mall:...

Housing Slump Dampens '08 Prospects

Oct 10, 2007 12:38 PM CDT

Housing Slump Dampens '08 Prospects

Economists cut growth forecast; still predict better rate than '07

(Newser) - Economists cut projections for 2008 growth for a third consecutive month, Reuters reports, signaling the fallout from mortgage woes will be widespread and prolonged. A survey of 52 experts estimated the economy would expand 2.4% next year; they’d predicted 2.6% growth last month and 2.8% the...

Consumer Confidence Plummets

Sep 25, 2007 1:57 PM CDT

Consumer Confidence Plummets

Metric falls more than predicted on job fears, market turmoil

(Newser) - American consumers might need to be talked off some ledges, judging from consumer confidence numbers out today, which indicate continuing worry over employment and stock market unrest. The crucial figure—99.8, compared to 105.6 in August—is the lowest since 2005, the Conference Board says. Economists had expected...

Expected Fed Rate Cut Could Halt Crisis

Sep 17, 2007 3:49 AM CDT

Expected Fed Rate Cut Could Halt Crisis

Wall Street counting on help to boost falling stock prices

(Newser) - What happens next in the volatile world stock markets could depend on Federal Reserve chief Ben Bernanke. The Fed is expected to cut the interest rates banks charge each other for overnight loans, currently 5.25%. It would make loans cheaper, boost consumer spending, revive stock prices and ultimately, prevent...

Jobless Claims Rise, but Economists See Silver Lining

Sep 13, 2007 1:45 PM CDT

Jobless Claims Rise, but Economists See Silver Lining

Figures lower than expected as labor market deals with volatility

(Newser) - First-time applications for jobless claims rose last week, but economists are encouraged that the figures were less than expected, Bloomberg reports today. Claims grew by 4,000 to 319,000—still well short of the 325,000 applications expected. The numbers suggest that the labor market isn’t collapsing, despite...

Consumer Confidence Plummets

Aug 17, 2007 5:37 PM CDT

Consumer Confidence Plummets

Wall Street woes might be spreading to Main Street

(Newser) - Consumer confidence dropped dramatically in August, according to the latest index released by Reuters and the University of Michigan. The metric places consumer sentiment at 83.3, the lowest reading of the year, and well below the predicted 88.0. It may be a sign that chaos on Wall Street...

Inflation Softened in July

Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports. Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....