It wasn’t a great start to the holiday season for retailers in November as consumer spending slowed down amid falling household incomes.
According to a new report from the Department of Commerce (via Reuters), consumer spending rose a tepid 0.2 percent in November, down from 0.4 percent in October. This comes as personal income remained flat last month as wages and salaries declined 0.1 percent.
Experts suggest that this is only temporarily because the United States economy has ostensibly reached full employment and consumer confidence is edging higher.
Did consumers decide to save more last month? Apparently not as the savings rate declined to $780.9 billion, down from $809.1 billion in October. It is also the lowest level since May 2015.
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But, But, But, the talking heads assure us that the economy is growing. They cant be wrong, can they?
Or maybe, they are just trying to placate the People prior to the coming economic roller coaster that is about to start; you know, that one with the HUGE DROP at the begining of the ride.