"Spending remains level in August; Consumers' activity may be weakest since '91" by Bloomberg News | September 30, 2008
WASHINGTON - Spending by US consumers was unchanged in August, confounding forecasts of a gain, as households retrenched in the face of rising unemployment and slumping confidence.
No change followed a 0.1 percent rise in July that was smaller than previously estimated, the Commerce Department said yesterday in Washington.
I told you, readers! They REVISE (read: LIE) all the time!!!!
Consumer spending is faltering as the boost from tax rebates fades and Americans grapple with mounting job losses, declining home-equity wealth, and a credit squeeze that has turned into a financial meltdown.
Tax rebates? That was SO YESTERDAY, MSM!!!!
As for that "credit squeeze": U.S. Banks Driving Credit Crunch ON PURPOSE!!
"There're not a whole lot of positives out there," Daniel North, chief economist at Euler Hermes ACI in Owings Mills, Md., said. Even "without all this bailout talk," the economy seems "pretty weak."
Please read: Economists Say Bailout Bill Won't Work
Economists forecast spending would rise 0.2 percent, after an originally reported 0.2 percent increase in July.
Why should we listen to those liars?
The report also showed inflation is eroding Americans' purchasing power.
NO SHIT!
The central bankers' preferred gauge of prices, which excludes food and fuel. --more--"
Just ONE MORE SKEWED STATISTIC from the LYING GOVERNMENT!
