aus forbes:
Konsumverbrauch stieg im October um 0,7 %, fragt sich nur wovon. die US Bürger sollen derzeit alles auf Kredit kaufen.
Associated Press
Consumer Spending Up 0.7 Percent in Oct.
12.01.2004, 05:24 PM
The economy is gaining momentum, bolstered by home building, shipping and even the country's beleaguered manufacturing sector, the Federal Reserve said Wednesday in a newly upbeat assessment.
Evidence of a strengthening economy showed up in other reports as well.
The Commerce Department said consumer spending shot up by 0.7 percent in October, the best showing since July, as Americans' incomes, the fuel for future spending, rose by 0.6 percent. The gain in incomes reflected the big increase of 337,000 payroll jobs in October, the best in seven months.
Meanwhile, the Institute for Supply Management reported that its main index for measuring industrial activity performed better than expected, rising to 57.8 in November from 56.8 in October.
The Federal Reserve said that reports from its 12 regions "generally paint a picture of continued economic growth" from mid-October through mid-November with improvements noted in a number of areas.
In fact, the Fed survey said that 11 of its 12 regions reported expanding economic activity with only the Cleveland Fed district seeing little change.
The Fed's latest "Beige Book," named for the color of its cover, will be used when policy-makers meet for their last discussion of the year on Dec. 14. It is widely expected that the Fed will raise interest rates for a fifth straight time this year in an effort to make sure that the rebounding economy does not trigger unwanted inflation.
The reviving economy has been having an impact on inflation in such industries as energy, transportation and food, but the Fed said retailers are still having difficulty passing those increased costs on to consumers because of stiff competition.
The Fed survey showed rising demand for manufactured goods, encouraging news for a portion of the economy that has seen the loss of 2.7 million jobs over the past four years.
There was rising demand for chemicals, food and a variety of products used in the aerospace, agriculture, energy, construction, medical and defense industries, the report said.
The rebound in manufacturing was helping job markets, and some areas of the country were even experiencing labor shortages for such occupations as accounting, construction and skilled professionals in the energy industry.
As for consumer spending, analysts said the 0.7 percent jump after a strong 0.6 percent rise in September showed that consumers, who account for two-thirds of total economic activity, were getting a second wind.
"Consumers were not deterred by higher oil prices and by consumer confidence numbers that keep on going lower," said Ken Mayland, president of ClearView Economics.
The overall economy grew at a solid 3.9 percent rate in the July-September period, and based on Wednesday's reports many analysts said that growth this quarter could be even better.
A Business Roundtable survey of executives at the nation's 130 biggest companies found them expecting continued solid growth into 2005.
"We remain confident that investment spending will drive economic growth in the coming months," said Hank McKinnell, chairman of the business group and chief executive at drug giant Pfizer Inc.
Wednesday's spending report showed that consumer spending on big-ticket durable goods such as cars, rose just 0.2 percent in October after a 1.2 percent gain in September.
The Fed survey, which covered the last half of October and early November, indicated that consumer spending may have faltered a bit in November, calling activity "uneven." Five districts - Atlanta, Kansas City, Minneapolis, Philadelphia and San Francisco_ reported solid sales activity while six others - Boston, Dallas, Chicago, New York, Richmond and St. Louis - said sales were mixed to sluggish.
The Fed said that many districts found demand for premium merchandise noticeably stronger than for lower-priced lines, which the report said could indicate that higher energy prices were hurting lower-income households.
Things were looking up on the nation's farms with large yields expected for corn and soybean farmers and record cotton production forecast for Texas. However, the string of hurricanes in September and October seriously affected production of several Florida crops.
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