MAX out those credit cards! MSNBC: "Consumer spending at 6 month high"

[Human Torch]

Consumers boosted their spending in July
Largest rise in six months; incomes also up reflecting wage growth

http://www.msnbc.msn.com/id/14600190/

WASHINGTON - Consumers boosted their spending by the largest amount in six months and the back-to-school shopping season also got off to a strong start this summer.

Those two developments, released Thursday, offered hope that the current economic slowdown may be less severe than some had feared, notwithstanding a separate report showing a drop in orders to U.S. factories.

The Commerce Department reported that spending in July rose by a healthy 0.8 percent last month, double the 0.4 percent gain in June. Incomes also were up, rising by 0.5 percent in July, reflecting stronger wage growth.

A separate report indicated that consumers continued spending in August with the nation’s big chain stores showing solid gains during the all-important back-to-school shopping period despite high energy prices and a cooling housing market. “Although consumer sentiment has deteriorated, consumers are still spending,” said Nigel Gault, an economist at Global Insight, a private forecasting firm.

[Warpy]

1. Consumer spending APPEARS to be up because of inflation

in food, energy, and health care. Wages have gone DOWN, so MSGOP is lying again, caught red handed. Household income is up, skewed upward by the unearned incomes of the wealthy.

[AndyA]

2. This won't last long. I heard that most credit cards are indeed getting

maxed out, so there's going to be an end to the buying on credit soon. And when the credit limit is used up, the crash from no more spending will put the economy in a recession really fast.

I think it may happen before the end of the year, but no doubt any such announcement will be delayed until after the elections in November.

[wisteria]

3. I love these hyped reports. Everybody knows July is the month to

shop for summer bargains. Of course there would be increased spending in July. As for August, we have the beginning of the new school year beginning.

[stopbush]

4. BS! the rise in gas prices alone most likely accounts for the

increase. We're spending more to tread water.

[mikeytherat]

5. Consumer spending up right before schools start back up?

Once again the MSM rides on the crest of a wave of obviousness.

:eyes:

mikey_the_rat

[Blue_Tires]

6. my shit has been maxed out forever

and that was just for living expenses!

[EC]

7. Decreased spending in June and increased

in Back to School shopping, tells me, that many skipped spending on a vacation to pay for back to school....