Bloomberg.com, 2/2/2009:
Consumer spending dropped at a 3.5 percent annual pace in the fourth quarter after decreasing at a 3.8 percent pace in the previous three months, the Commerce Department said Jan. 30. It was the first time since records began in 1947 that declines in spending exceeded 3 percent in consecutive quarters. The economy shrank [...]
Continue reading about Consumer spending falls for the 6th straight month
New York Times, 1/22/08:
The government said Thursday that new-home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959.
The Commerce Department reported Thursday that construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month from November.
Obviously, housing [...]
Continue reading about Housing construction falls again in 12/08
Since global economy woes were a piece of my last post, I thought I’d share this Visualizing Economics graphic of how the world’s economy has changed over time and its current distribution. What the graphic doesn’t show is how much more interdependent these regions have become over time. When worldwide demand falls, eventually it affects [...]
Continue reading about Big picture: global economic players over time
In my previous posts in this series, I’ve examined recent recessions, jobs and income, and consumer spending and debt to make the case that small businesses must adapt to long-term economic climate change even once the credit crisis eases.
I haven’t mentioned Wall Street, monetary and fiscal policy, or globalization. So here’s where I stand aside [...]
Continue reading about Gauging economic climate change, Pt. 4: Non-consumer factors
In my previous two posts in this series, I looked first at past recessions and then at the glacial rate growth in jobs and household income even before the current crisis. To meet rising household expenses, Americans worked longer hours and reduced savings from 10% of income in the 1970s to nearly 0% today.
They also [...]
Continue reading about Gauging economic climate change, Pt. 3: Consumer spending and debt
