Consumers cut spending.......................

[Chris Ryser]

Consumers cut spending
Wed Nov 26, 2008 1:04pm EST


By Glenn Somerville

WASHINGTON (Reuters) - Consumers cut spending during October at the steepest rate in more than seven years and orders for costly manufactured goods plummeted, according to Commerce Department reports on Wednesday that implied a steep recessionary downturn was at hand.

Spending that fuels two-thirds of U.S. economic activity dropped 1.0 percent, its biggest fall since the attacks against the United States seven years ago in September 2001.

It was a fourth straight monthly fall in spending and underlined how a credit crunch, falling home prices and steady job losses were sapping consumers' will and ability to spend........................................

http://www.reuters.com/article/newsO...33812620081126

[kws6000]

Big deal,a whole 1% ! I dont suppose that if spending had increased by 1% that the media would be commenting on the beginning economic boom?

[DoubleD]

This was the biggest waste of news reporting I've seen in a long time.
Those whom did not see all this coming months/ year ago, were not paying attention. We are near bottom now (IMHO), with some help, only upwards to climb. Sure spending was down last quarter and month; wait till you see stats for final 2008 quarter.
Don't cry over spilled milk- learn from it.

[Lulubelle]

Wow, what a concept. The news media hammered away at us that the sky was falling and we cut back on our spending. Makes a person wonder how much of the economic situation is created by the constant reports of doom and gloom.

[Jacqui]

Wow, what a concept. The news media hammered away at us that the sky was falling and we cut back on our spending. Makes a person wonder how much of the economic situation is created by the constant reports of doom and gloom.

Probably more than most would want to think.

[Chris Ryser]

Makes a person wonder how much of the economic situation is created by the constant reports of doom and gloom.

I am wondering if you did read the full article or just the 2 paragraphs I copied.

I have been following the happenings for the last 18 month and could just deduct that it was all coming. Yet it is all here and Canada is getting there too.

I think it is important to know that one has to stay lean in business as well as in private life and adjust to make through the turbulent times with as little damage as possible. It is not the news that makes it happen......it is the happenings that make the news.

[fvc2020]

For all the lack of spending in October, there seems to be alot of it going around now. In the last few weeks stores are packed and people are shopping....

Go figure...


christina

[Metronome]

I am wondering if you did read the full article or just the 2 paragraphs I copied.

I have been following the happenings for the last 18 month and could just deduct that it was all coming. Yet it is all here and Canada is getting there too.

I think it is important to know that one has to stay lean in business as well as in private life and adjust to make through the turbulent times with as little damage as possible. It is not the news that makes it happen......it is the happenings that make the news.

Delete..

[EdgeOptical]

we are seeing some interesting habits in NM. There are the people that pay attention and have cut back accordingly, most of those people are fine.

then there are the ones that ignored all of it, those seem to be the people the most effected. we have seen many businesses close down, cut hours, eliminate bonuses, have spending and hiring freezes, all sorts of ill effects these people werent ready for. I dont think we have seen the worst for businesses yet, since most will see and start to feel the effects more so after the end of the year. So early next year i dont think we will see the normal hiring boom, budget increases and everything we normally do.


i have always been taught to prepare for the worst, then if it doesnt get as bad as expected at least you werent effected much.