Consumer Spending Growth above Average for First Time since October 2006
Real consumer spending in January 2015 was $11,164 billion real dollars (seasonally adjusted at an annual rate). The month-over-month rate of growth in consumer spending was 3.4%. This was above the historic average of 3.3% for the first time since October 2006. The annual rate of change is now 2.6%, which is the fastest rate of growth since September 2011.
Real consumer durable goods spending is on a tear in recent months. In January, durable good spending increased 9.8% compared with last January. That's the fastest rate of month-over-month growth since February 2011. The annual rate of change made a significant jump to 7.5% in December. That's the fastest rate of annual growth since February 2011.
Real consumer spending (or its sub-components such as medical care spending) is an important leading for a number of durable goods end markets: construction materials; custom processors; durable goods; food/beverage processing; forming/fabricating (non-auto); hardware; HVAC; industrial motors/hydraulics/mechanical components; machinery/equipment manufacturing; medical; metalcutting job shops; oil/gas field/mining machinery; power generation; primary metals; and printing.
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