Skip to comments.U.S. Economic Confidence Plunges in October [Worst 1 month drop since 2008!]
Posted on 11/05/2013 8:49:24 AM PST by SoFloFreeper
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US consumers tapped out as holidays approach
HOLIDAY SPENDING, RETAILERS, CONSUMERS, SURVEYS, SCALING BACK, ROSENGREN, FEDERAL RESERVE, TAPERING, CONSUMER SENTIMENT, CONSUMER SPENDING, PERSONAL INCOME, ECONOMY, TARGET CORP, BANK OF AMERICA CORP, MICHAEL KORS HOLDINGS LTD, BUSINESS NEWS
CNBC.com | Friday, 8 Nov 2013 | 6:00 AM ET
American shoppers have a way of rallying when the holidays roll around. But years after the Great Recession, consumers’ budgets remain badly squeezed by flat wages, higher payroll taxes and a weak job market.
Millions with cancelled health insurance policies will be faced with higher monthly fees. The government wants their first pint of blood this December.
In 1964 we moved to the upper Napa Valley and that summer fires broke out all over the valley and surrounding hills. The following winter it rained for 40 days and 40 nights and the Napa River flooded so badly we kept watching for Noah's Ark!!!
My Brother In Law kept bugging me about having moved to "God's Country!" I finally told him it looked and acted more like the land of "Hell & High Water!!!"
I noticed a recent downturn in my on-line business. We could see a real reduction in spending this Christmas. But Christmas spending is remarkably resilient. It’s the rahoo-doray spirit.
We aren’t seeing that kind of recovery here in NJ; in fact, we have the famous Xanadu mall right next to Giants Stadium in the Meadowlands that was finished years ago (complete with an indoor ski slope) that never opened (you’ll see it at next year’s Super Bowl - it is a mutli-colored monstrosity). People and jobs are still leaving the area (which is why we have a de facto amnesty here - without illegals and their anchor babies, we’d have a lot of unoccupied housing and empty schools). A few years ago my town got its first pawn shop; the family businesses that closed are replaced by tattoo parlors, hair & nail salons, Latino fast food dives, and laundromats (for the increasingly transient population living in illegal apartments). Our train service to NYC has been discontinued, and anyone with money looking to settle down has too many nicer options within a half hour’s drive (with lower taxes and more Americans).
I couldn’t imagine how the remaining working people are going to pony up the thousands of additional dollars ObamaCare will cost them; we have nothing left.
I was flat-out stunned at how few kids we got for Holloween, and at how few a number of houses actually had their lights on.
We had one family, our next door neighbors.
I’m still waiting for our liberal mediots to tell us how Halloween Sales this year compared to past years.
In spite of our current economic boom which is dependent on visitors with more disposable income, we have seen the same so called boom the past 4+ years:
“the family businesses that closed are replaced by tattoo parlors, hair & nail salons, Latino fast food dives, and Laundromats.”
Discount chain stores like Walmart and Target are doing great. Other discount stores are in the process of having new buildings built in existing shopping centers. A couple of new ones will be free standing with rental spaces for small foodie and whatever shops in their new areas.
I hope it works out for you.
We are probably up to 95% on line purchases for Christmas and birthday gifts.
My wife gives me a list of gifts to order. We will start ordering after the so called black Friday.
While Americans appreciate the low prices offered by discount stores, they don’t offer much in terms of meaningful employment. We had a new Dollar General store open nearby, and I’m shocked at how few people work there. There just isn’t a viable economy in many areas in the northeast anymore, and if it wasn’t for food stamps and welfare those discount stores wouldn’t even expand as they do.
I appreciate it. Hope it works out for everyone.