Skip to comments.Data points to weaker economic momentum
Posted on 04/30/2012 9:17:49 AM PDT by tobyhill
U.S. consumers boosted spending only modestly last month and a gauge of Midwestern business activity fell sharply in April, suggesting the economy entered the second quarter with less steam.
The Commerce Department said on Monday consumer spending rose 0.3 percent last month, just below the median forecast in a Reuters poll.
When taking into account inflation, which has been fed in recent months by higher gasoline prices, spending barely rose, advancing just 0.1 percent.
"The spending number is an indication that the higher gas prices we saw last month are taking their toll," said Todd Schoenberger, managing principal at the Black Bay Group in New York.
The Commerce Department report also showed consumer income rose 0.4 percent last month. Analysts had expected a gain of 0.3 percent. After-tax income climbed 0.2 percent in March when accounting for higher prices.
(Excerpt) Read more at reuters.com ...
If you eliminate the “modifiers” that BLS puts in the data, our growth last quarter was 0%. Nada, none. And if you tweak the unemployment numbers by taking out all the reductions in actual jobs out there (another BLS tweak), unemployment is much higher than reported, not to mention the U-6 number.
We are and have been in a depression.
Boy, that EVIL George Bush sure has had a lasting influence!