Consumer Spending Increases 2.0% in August 2013
According to the Bureau of Economic Analysis, real consumer spending in August 2013 was $10,732 billion real dollars (seasonally adjusted at an annual rate). As is the case almost every month, real consumer spending hit a new all-time high in August. Spending in August 2013 was 2.0% more than it was in August 2012. This is the fastest rate of month-over-month growth in 2013. Also, it is the fourth time in 2013 that the month-over-month rate of growth has hit 2.0%. The annual rate of change, now 1.9%, fell below 2.0% for the first time since November 2010. With annual growth in incomes remaining flat, it appears that spending will remain flat too.
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; food and beverage processing; forming and fabricating (non-auto); hardware; HVAC; industrial motors, hydraulics and mechanical components; machinery and equipment manufacturing; medical; metalcutting job shops; oil, gas field and mining machinery; power generation; primary metals; and printing.
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