Initial reports show that consumers spent more than last year over the frenzied “Black Friday” shopping weekend following the Thanksgiving holiday, but only because prices were higher, The Wall Street Journal reported.
Tag: Consumer Spending
THIRD-QUARTER GROWTH ESTIMATE REVISED UPWARD
In this year’s third quarter, the U.S. economy grew by a robust 5.2 percent, adjusted for inflation, not the 4.9-percent clip estimated earlier, the Commerce Department said in a statement.
U.S. ECONOMY GREW 4.9 PERCENT IN THIRD QUARTER
U.S. GDP grew at an annual rate of 4.9 percent in this year’s third quarter, the commerce department reported.
TROUBLE AHEAD? U.S. CONSUMERS CUT BACK ON CREDIT CARD SPENDING
Consumers charged 11 percent less to their credit cards in September than they did in August, marking the fourth consecutive month of declining charges and the largest monthly drop this year, Citi reported.
CONSUMER SENTIMENT FLOPS IN OCTOBER
Consumers’ pessimism about the economy has grown significantly this month, according to the University of Michigan’s monthly survey of consumer sentiment.
INFLATION, CONSUMER SPENDING SLOWED IN MAY
Overall inflation in the U.S. pulled back to a 4-percent annual rate in May, its slowest in two years, the U.S. commerce department reported. The Personal Consumption Expenditures Price Index, the U.S. Federal Reserve’s preferred inflation gauge, slowed to 3.8 percent.