US Consumers cut their spending

Spending contracted by 0.6% in November following October’s fall of 1%, according to the Commerce Department.

Orders for long-lasting US manufactured goods fell 1% in November, which was less than expected, but there was a big downgrade in October’s figures.

Orders in October fell by 8.4%, down from the first estimate of 6.9%.

It makes October’s fall the biggest since July 2000.

The decline in sales of these durable goods, particularly automobiles, is hitting Detroit hard, with GM, Ford and Chrysler set to receive temporary government help in the New Year.

The weekly figure for new jobless claims rose 30,000 to 586,000, which was more than had been expected, according to the Labor Department.
Rising unemployment appears to be biting, with incomes falling by a worse-than-expected 0.2% in November, following a 0.1% rise in October.

~ by Yourwebseo on April 15, 2009.

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