Consumer spending fell for a fifth straight month

[uscitizen]

November personal spending falls 0.6 percent

Dec 24, 10:16 AM (ET)

By MARTIN CRUTSINGER




WASHINGTON (AP) - Consumer spending fell for a fifth straight month in November, the longest weak stretch in a half-century, while incomes declined under the weight of massive job layoffs. Economists don't think the hard times will end anytime soon.

The Commerce Department reported Wednesday that consumer spending fell by 0.6 percent last month, slightly less than the 0.7 percent drop economists had expected.

The November drop marked the fifth straight month of decreased spending, the longest stretch of declines in government records that go back to 1959. Economists think that the weakness in consumer spending will continue, given the multitude of problems facing the economy.

The country is mired in the longest recession in a quarter century and facing a financial crisis that has cut off credit for millions of borrowers.

http://apnews.myway.com/article/20081224/D95956F00.html

Of course this is just a little adjustment.

 

[Crashk]

Thank you Republicon ideology, thanks unregulated free marketeers, thanks voodoo economic maniacs, thanks for the trickle down, thanks 'greed is good' republicons, thanks profits before people republicon government, thanks for not protecting American workers, thanks for protecting your foreign investors money at the expense of the American people, thanks for driving our standard of living down to the level of a 3rd world country. Thanks for making us realize that your economic and social ideology is leading us into the 2nd Great Republican Depression.
I want to thank you in advance for obstructing and filibustering the legislation that would begin fixing the problems that you've created because your political backers will lose profits. And thanks for all your corporate propaganda that has helped divide this country.

You guys are great, now get the fuck out.

Merry Christmas

 

[evince]

The ignored infrastructure caused a water main to break that was 75+ years old and in dire need of replacing. It sent a huge rush of water down a normally very buzy street ironically called Water st. We can look forward to years of these types of messes after all the years of ignored problems by congress and this president so they could give big tax cuts to their friends.

 

[uscitizen]

Excessive spending and credit caused the mess and the answer from the same folks is more credit!

Darn creditaholics, just want more of the hair of the dog that bit them.

I am increasingly convinced that my country is run by morons.

 

[Damocles]

Watch the markets they'll "know" before consumers when we start out of this.

 

[uscitizen]

Perhaps Damo, but remember our economy depends more on consumer spending now than for any other recession.