ARC's 1st Law: As a "progressive" online discussion grows longer, the probability of a nefarious reference to Karl Rove approaches one

Monday, October 30, 2006

Income, Spending Rise - Women, Minorities Hurt Most

At least, that's what I would expect the headline of this story to be...

Income, spending rose solidly in September
Mon Oct 30, 2006 3:19 PM ET

By David Lawder

WASHINGTON (Reuters) - U.S. consumers, helped by bigger paychecks and lower gasoline prices, boosted their spending last month, according to a government report that may counter fears of a sharp economic slowdown.

The Commerce Department said on Monday that personal income rose by 0.5 percent in September, ahead of analysts' forecasts for a 0.3 percent gain. The August figure revised upward to 0.4 percent.

Taking out inflation and taxes, real disposable income rose at its fastest pace in a year in September at 0.8 percent, helping to pad consumer spending at a time when concerns are growing about the economic impact of the housing slump.

The growth in income coincided with falling gasoline prices, which pushed down headline consumer prices by 0.3 percent in September.

The report "was positive in almost every major dimension that is critical for the sustainability of the business expansion," said Brian Bethune, U.S. economist for Global Insight Inc. in Lexington, Massachusetts.

Of course, this is still the worst economy since Herbert Hoover... or something like that.

And with the horrific unemployment rate of 4.7% nationwide, it's amazing that people are not rioting and overthrowing Chimpy W. McBushitler's Reign of Terror.


Your Co-Conspirator,
ARC: St Wendeler