U.S. Consumer Spending Jumps; Jobless Claims Up |
| New York Times - Oct 1, 2009 |
A fusillade of economic reports released Thursday showed the economy’s rebound off the bottom seems to be leveling off, and that any recovery may come in fits and starts over the rest of the year.
Some figures, like an increase in construction spending and the number of home sales under contract, do suggest continuing growth. But a rise in first-time unemployment claims and an unexpected drop in manufacturing activity showed that some forecasters’ expectations may be too optimistic.
“We don’t think we’re going to come out of this unscathed and be back to business as usual,” said Scott Anderson, senior economist at Wells Fargo. “Consumers will continue to be suffering from the headwinds of the financial crisis. Debt levels remain too high.”
Read Full Article from New York Times
- Posted: 2009-10-01 12:34:58
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