Archive for consumer confidence

U.S. Consumer Spending in December Highest in Four Years, Economy adds 155,000 jobs

galconf

Up, always up!!!

(CNN) – The U.S. economy created 155,000 jobs in December and the unemployment rate was unchanged at 7.8%, according to a report from the Labor Department.

Not to be forgotten-

PRINCETON, NJ – Americans were in a generous mood when it came to spending this past December, as they reported spending an average $83 per day in stores, online, and in restaurants, excluding household bills and a home or car purchase. That is up from $73 in November and the highest monthly figure Gallup has reported since December 2008. It is also the first reading above the $80 mark since the 2008-2009 recession.

GDP Growth Revised Upward To 3.1%

goodnews

It may seem slow, but at least we’re getting somewhere. Aren’t the wingers always griping about the GDP? There’s a tasty one for them to chew on.

Economic output grew at an annual rate of 3.1 percent in the third quarter, the Commerce Department reported today. That figure is the third and final estimate of last quarter’s GDP growth, and it represents a boost from a previously reported 2.7 percent.

A variety of factors contributed to economic growth last quarter, including consumer spending, federal government spending, and residential fixed investment, which includes home purchases and renovations. The department reports that the new estimate does not substantially change the broader portrait of the nation’s economy, though new data do show that consumer spending is showing a “modest pickup,” while imports, which subtract from GDP, are falling off.

“In a real sense, I think what this number does is it ratifies the employment reports we’ve been seeing,” says Joel Naroff, president and chief economist at Naroff Economic Advisors. Unemployment was at 8.3 percent in July, but by the end of the quarter in September, it had fallen to 7.8 percent. A growth rate of 3.1 percent is more congruous with that kind of labor market improvement than the Commerce Department’s initial estimate of 2.0 percent, says Naroff.

Quickie- U.S. Economic Confidence in November Best in Four Years

Always nice to see.

PRINCETON, NJ — Americans’ economic confidence was better in November than in any month since Gallup began tracking confidence daily in January 2008. The -13 Economic Confidence Index score surpasses the previous bests of -17 from October and May of this year. The index, which began at -32 in January 2008 as the recession was taking hold, had been -20 or lower until May.

The higher November economic confidence scores were helped by a -10 in the week leading into the Nov. 6 election, the best weekly average to date in Gallup tracking. But confidence was generally stable throughout the month, with the weekly averages in November ranging from -10 to -15. Confidence has remained relatively stable even as the “fiscal cliff’s” major tax increases and spending cuts loom unless the government can come to an agreement in the coming weeks.

Consumer confidence highest since February 2008; reports signal economic growth

Here’s an upbeat FYI via a Fox Biz email alert:

The Conference Board’s gauge of consumer confidence rose in November to 73.7 from 73.1 in October, topping estimates of 73 and marking the highest level since February 2008.

And from the New York Times, Reports Signal Lift in U.S. Economy:

American companies in October increased their orders of machinery and equipment that signal investment plans by the largest amount in five months, a hopeful sign for future economic growth.  [...]

In another economic report Tuesday, the Standard & Poor’s Case Shiller national index showed home prices increased in September in most major American cities, more evidence of a housing recovery that is providing a lift to the fragile economy.

Private hiring jumps, unemployment claims fall, consumer confidence highest since February 2008

I got a few upbeat email alerts today from Fox Biz. Blame Obama:

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

And this:

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.

And this:

Several upbeat reports on the American and Chinese economies, coupled with strong earnings from oil behemoth ExxonMobil, are sending stocks zooming higher. The Dow is up 138 points, or 1.1%, while the broader S&P 500 is up 0.84%. Nine of ten S&P 500 sectors are in the green, led by industrial, technology and telecommunications stocks.

Full market update: http://www.foxbusiness.com/markets/2012/11/01/data-give-wall-street-boost/

And here’s more from CNN:

NEW YORK (CNNMoney)Private sector hiring jumped in October, according to a report released Thursday by payroll processor ADP.

Private employers added 158,000 jobs in the month, ADP (ADP, Fortune 500) said, beating economists’ forecasts of 143,000.

The October report is the first to feature ADP’s new methodology aimed at further aligning its figures with the final monthly data released by the Bureau of Labor Statistics. The ADP report comes out a day before the government’s official monthly job report, though it has not always been a great predictor of what the BLS report will say.

Quickie- Poll: More Americans Feel Better Off Than Worse Off, Financially

Hopefully some of these good vibrations will tingle up the last minute voters.

PRINCETON, NJ For the first time in more than five years, slightly more Americans are feeling financially better off than they were a year ago, rather than worse off, by 38% to 34%. This represents a significant improvement since May of President Barack Obama’s first year as president, when the majority — 54% — said they were worse off.

Americans’ negative sentiment about their personal finances in 2009 was a holdover from 2008, when the majority said they were worse off financially. Gallup first recorded this in May/June of that year, even before the Wall Street financial collapse in September that sent Americans’ confidence in the economy and their standard of living perceptions tumbling.

Quickie- Consumer Sentiment in U.S. Rises to Pre-Recession High

Ugh, I looked everywhere for live streaming vid of Clinton in Indianapolis, but no such luck. This should cheer you up as much…

Confidence among U.S. consumers unexpectedly jumped in October to the highest level since before the recession began five years ago, raising the odds that retailers will see sales improve.

The Thomson Reuters/University of Michigan preliminary October consumer sentiment index increased to 83.1, the highest level since September 2007, from 78.3 the prior month. The gauge was projected to fall to 78, according to the median forecast of 71 economists surveyed by Bloomberg News.