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The bulls still continue to rule.
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Just because Americans spend plenty does not mean we are in good shape economically. First, we are buying goods from overseas (China, Marianna Islands, etc...) that does not benefit our economy. It only widens the trade deficit.
Secondly, Americans are in deficit spending. Last year, Americans spent more than they made. Isn't that nice? Our savings on average was a negative number. There are lots of reasons for this: loss of good paying manufacturing jobs replaced with service type jobs to just purchasing lots of junk from China on credit are a few reasons.
Thirdly, the gap between rich and poor in America is widening with most of the wealth in America controlled by a few elitist. This hardly makes for good news, class war is not a good thing for stable economies.
Posted by: sandy at April 28, 2006 04:24 PM
Okay, consumer spending represented 3.81% of the 4.8% with most of it from car sales which have been sluggish since 2002. This a good thing maybe folks are giving up on the SUV and switching to better fuel efficeint cars? Perhaps.
Government spending came in at .74% of that number it was the largest spending from government in three years. Good. thanks gop. Businesses spent money on software & transportation which is good for exports.
The real estate number came in weaker than expected. Which is a relief because the prices were going up in an obscene way. Not bad numbers at least spending went in a constructive manner. Ignore my pessimism above- just for today that is :))
Posted by: sandy at April 28, 2006 05:36 PM
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