Ahead Of The Bell: US Consumer Spending
The storm is likely to weigh on growth early in the quarter. And consumers and businesses may hold back on spending because they fear lawmakers and Obama won't reach a deal to avoid the "fiscal cliff." That's the name for sharp tax increases and spending cuts that would occur in January without a deal.
Job growth did increase in October with employers adding 171,000 jobs and the government boosting its estimates for hiring in August and September.
Since July, the economy has created an average of 173,000 jobs a month. That's up from 67,000 a month from April through June, a development that has brightened consumers' outlook.
The Conference Board reported Tuesday that consumer confidence rose to 73.7 in November, helped by a better outlook for hiring over the next six months. November's level was up from 73.1 in October with both months posting the best confidence readings in five years. The index is still below the level of 90 that is consistent with a healthy economy.Analysts said that a better market for home sales and rising home prices were contributing to Americans' improved mood.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV