Jobs data point to spending slowdown - Democratic Underground

harry123

(102 posts) Send PM | Profile | Ignore

Thu Aug-07-08 09:21 AM
Original message

Jobs data point to spending slowdown

The jobs numbers (weekly unemployment claims) were not good this morning and they point to a slowdown in consumer spending. We are seeing actual unemployment filings rising by 110,000 in one year. I'm not talking about this seasonally-adjusted stuff the gov't points to.

http://www.creditwritedowns.com/2008/08/jobless-claims-up-with-vengeance.html

Any guesses as to what that means for economic growth this quarter?

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Warpy

(1000+ posts) Send PM | Profile | Ignore

Thu Aug-07-08 10:05 AM
Response to Original message

1. They'll be crowing next month

because they will fail to make the seasonal adjustment for the back to school spending and trumpet a huge increase in spending in August.

Retailers will know better, though.

I've certainly seen expectations declining in my own neighborhood, one of the poorer in the city.

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