|
Economists forecast that overall economic growth is slowing to a 2 percent annual pace in the April-June quarter, in part because they expect consumers have eased up on spending from the robust first-quarter pace. Despite the recent gains, the confidence index remains well below the 90 reading that indicates a healthy economy
-- a level it hasn't reached since the Great Recession began in December 2007. So far, reports on consumer spending for the second quarter have been mixed. In April, consumer spending fell as income was unchanged. But spending appears to have rebounded in May, based on a preliminary report on retail sales. Americans spent more on cars, home improvements and sporting goods, boosting retail sales 0.6 percent. The Commerce Department will release a more complete report on May consumer spending and income on Thursday.
The Conference Board survey is conducted in the first half of the month. So the June report didn't capture the impact of Federal Reserve Chairman Ben Bernanke's comments last week after the Fed's policy meeting. Bernanke said the Fed could begin to slow its bond purchases by the end of the year. Since then, stocks have plunged and interest rates have spiked.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor