Consumer Spending revised down, stagnate – except for gasoline prices
Bloomberg has consumer spending stagnating:
Household purchases rose 0.5 percent, matching the median estimate of economists surveyed by Bloomberg and the biggest gain since February, according to data from the Commerce Department issued in Washington today. The gain mainly reflected a 0.4 percent jump in prices, the biggest since March 2011, leaving so-called real spending up 0.1 percent.
It mostly went toward gasoline, according to Reuters.
U.S. consumer spending rose in August as households stretched to pay for higher gasoline prices and factory activity in the Midwest contracted this month for the first time in three years, pointing to lackluster economic growth. The Commerce Department said consumer spending rose 0.5 percent after an unrevised 0.4 percent gain in July. The increase was the biggest in six months, but was largely accounted for by pricier gasoline. When adjusted for inflation, spending edged up a scant 0.1 percent after increasing 0.4 percent in July.
The media should be killing Obama over this economy. But they aren’t.