The U.S. Department of Commerce reported that the consumers in this country spent more money in August. The numbers came out this morning showing the spending rebounded in the 3rd quarter.
The initial expectation of the personal spending jump was 1.1 percent. However, this morning the Commerce Department reported that the personal spending by the U.S. consumers has jumped 1.3 percent. It is the largest gain since October 2001, after a revised 0.3 percent increase in July, previously reported as up 0.2 percent.
Are we expected to see a better Holiday sales season this year? It is not known yet. There are concerns that the weak domestic consumptions and the existing worries about the future growth of the economy may again slow down the personal spending.
High rate of unemployment pressures the economy and people are watching their personal budgets and credit card spending habits.
Written by Armen Hareyan
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