Americans look to be in the mood to shop this holiday season as their buying power gets a lift from more plentiful jobs and cheaper gasoline.
This was supposed to be the year that Herb Harrison found a newer, bigger home to replace his current house in Framingham, Massachusetts. Then, in May, mortgage rates began to rise and he put his hunt on hold.
New Jersey’s economy is poised to recover as officials practice fiscal restraint and fewer residents move out of state, said Joel Naroff, president and founder of Naroff Economic Advisors.
Just a year since the U.S. housing market hit bottom after the biggest plunge in eight decades, signs of excess are re-emerging.
The U.S. economy expanded less than forecast in the first quarter as a smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year.
Consumer spending in the U.S. probably climbed in May by the most in three months, led by growing demand for automobiles, economists said before a report this week.
The number of U.S. workers on vacation has risen by the most since 2006, a sign of an improving labor market as more Americans have sufficient income and job security to take a few days off.
Copper fell the most this month on concern that a bigger-than-expected drop in U.S. durable-goods orders signals slower demand growth in the country, the world’s second-biggest user of the metal.
Service industries in the U.S. unexpectedly grew at a faster pace in November, showing the biggest part of the economy is weathering concern about looming federal tax increases and spending cuts.
Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said he was “stunned” by today’s U.S. employment report.
"Consumers are facing potential chaos, and in spite of all the reasons not to spend money, they did."
- Joel Naroff on Nov 20, 2013