Every week, various government agencies trot out economic facts and figures, and every week, the media breathlessly reports the ‘good news.’ Here is some of the news beyond the news reported by the mainstream media over the last week.
As USA Today reported, consumer spending and personal income rose last month. But while Commerce Department numbers show healthy gains in consumer spending (0.4% in August), a Gallup poll asking actual people about their spending indicates a continual decline. According to the poll, daily spending averaged just $89 in August, down from the same time period in both 2014 and 2013. It was the fourth month in a row the poll indicated a year-on-year decline. Spending was at its lowest since March, based on the poll.
This post was published at Schiffgold on SEPTEMBER 30, 2015.
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