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"Consumer spending in the U.S. unexpectedly dropped in July for the first time in six months, a sign households are lagging behind as wages fail to accelerate.
Household purchases decreased 0.1 percent after increasing 0.4 percent in June, Commerce Department figures showed today in Washington. None of the 79 economists in a Bloomberg survey projected a decrease. Incomes climbed 0.2 percent, the smallest monthly advance this year."
“It’s a weak starting point for the third quarter,” said Jacob Oubina, senior U.S. economist at RBC Capital Markets LLC in New York. “It’s going to lead to a markdown in third-quarter forecasts.” RBC Capital Markets is the top forecaster of personal spending over the past two years, according to data collected by Bloomberg.
This is not a good sign.
http://www.bloomberg.com/news/2014-08-29/consumer-spending-in-u-s-falls-for-first-time-in-six-months.html
Household purchases decreased 0.1 percent after increasing 0.4 percent in June, Commerce Department figures showed today in Washington. None of the 79 economists in a Bloomberg survey projected a decrease. Incomes climbed 0.2 percent, the smallest monthly advance this year."
“It’s a weak starting point for the third quarter,” said Jacob Oubina, senior U.S. economist at RBC Capital Markets LLC in New York. “It’s going to lead to a markdown in third-quarter forecasts.” RBC Capital Markets is the top forecaster of personal spending over the past two years, according to data collected by Bloomberg.
This is not a good sign.
http://www.bloomberg.com/news/2014-08-29/consumer-spending-in-u-s-falls-for-first-time-in-six-months.html