{"id":2247,"date":"2004-08-03T10:06:27","date_gmt":"2004-08-03T15:06:27","guid":{"rendered":"http:\/\/www.thecarpetbaggerreport.com\/archives\/2247.html"},"modified":"2004-08-03T10:06:27","modified_gmt":"2004-08-03T15:06:27","slug":"consumer-spending-plunges-to-3-year-low","status":"publish","type":"post","link":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/consumer-spending-plunges-to-3-year-low\/","title":{"rendered":"Consumer Spending Plunges to 3-Year Low"},"content":{"rendered":"

I know Bush is fond of his new campaign slogan — the U.S. has “turned the corner” — but he may need something a little more persuasive and a little less na\u00efve. After all, when it comes to the economy, there’s no reason<\/a> to believe he’s right.<\/p>\n

Hit with high energy prices, consumers in June slashed their spending by the largest amount in three years. <\/p>\n

The Commerce Department reported Tuesday that consumer spending dropped by a sharp 0.7 percent in June from the previous month. The retrenchment came after consumers splurged in May, ratcheting up spending by a strong 1 percent.<\/p>\n

Americans’ incomes rose by 0.2 percent in June, down from a solid 0.6 percent increase the month before. The figures are not adjusted for price changes.<\/p>\n

The latest snapshot of consumer spending was weaker than economists were expecting. They were forecasting a tiny 0.1 percent dip in spending and a 0.3 percent rise in incomes for June.<\/p><\/blockquote>\n

This comes less than a week after learning that economic growth has stalled<\/a>, workers’ hourly wages are not keeping pace with inflation<\/a>, orders for durable goods are failing to meet expectations<\/a>, record numbers of workers are being laid off<\/a>, and last year’s budget deficit, the largest in American history, will be significantly worse this year<\/a>. <\/p>\n

Remind me, Mr. President, of exactly which corner we’ve turned?<\/p>\n","protected":false},"excerpt":{"rendered":"

I know Bush is fond of his new campaign slogan — the U.S. has “turned the corner” — but he may need something a little more persuasive and a little less na\u00efve. After all, when it comes to the economy, there’s no reason to believe he’s right. Hit with high energy prices, consumers in June […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[617],"tags":[],"class_list":["post-2247","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/posts\/2247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/comments?post=2247"}],"version-history":[{"count":0,"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/posts\/2247\/revisions"}],"wp:attachment":[{"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/media?parent=2247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/categories?post=2247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stevebenen.com\/thecarpetbaggerreport\/wp-json\/wp\/v2\/tags?post=2247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}