Jump to content
House Price Crash Forum
Sign in to follow this  

Latest Data From U S Points To Recession Being Realised

Recommended Posts


ast Updated: Friday, 14 July 2006, 14:55 GMT 15:55 UK

The outlook for US consumer spending is less than rosy.

A slump in sales of new cars saw US retail sales fall 0.1% in June, according to government figures.
The Commerce Department data surprised analysts who had expected a 0.4% climb in month-on-month sales.
However, when sales from the volatile auto sector were stripped out, sales actually rose 0.3%.
Surging fuel costs, as a result of global oil prices, and worries about interest rate rises have seen shoppers being more cautious with their cash.
The figure was an indication that petrol prices were "beginning to bite and beginning to squeeze customers pretty hard", said economist Nariman Behravesh of Global Insight.
Consumer spending accounts for about two-thirds of U.S. economic activity but there is concern that higher energy bills will hit households and lead to further cutbacks in discretionary spending in the shops.

With their tanking house prices, rising IR and oil surging it is little wonder that a recession was coming. No doubt Ben is trying to contain it to a short, sharp, dose of reality to reign in the HPI-MEW plague that has ravaged the country for the past 5 years. Good thing we have the oppsotie with surging house prices, falling IR (in real terms against the world trend) and surging oil from which we make a profit due to our status as an oil exporter. Hang on.................... :blink:

OOps missed this bit of spin at the end of the BBC article:

However, it was not all bad news - with consumers still spending about 5.9% more than they had in June 2005.

No wonder the country is in the debt mess that it is. Good news? Fools. :lol:

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.