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The index fell to 1.35 percent from an downwardly revisedx gainof 1.44 percent in April. Deloitte said the inde x analyzestax burden, initial unemployment real wages and real home prices to try to track consumef cash flow as an indicator of future consumer spending. "The year over year pace of decline in real consumer spending appears tohave stabilized, recovery is being delayed by a sharp increase in consumer savings, whichb has risen to 5.
7 percent from zero a year said Carl Steidtmann, chief economist with Deloitte Researchb and author of the monthly index, in a "However, the weakness in the index was drive almost entirely by falling home which are down nearly 14 percent over the past undermining small gains in real a declining tax burden and current stabilizationb in new unemployment claims." The reporg noted the tax burden continues to drop with the weakeningv of the economy. It is at a levell only seen on a few occasions over the past 50 year s during brief periods following tax Continued declineis expected. Also notable, real wage growthu continues to post small gains due to fallin g pricesfor energy.
Real wages are up 4.3 percent from a year ago and on an annualizerd basis are up 8 percent over the last nine monthsa as energy prices have given a big boostr to consumerpurchasing power, the index
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