David Kirkpatrick

September 17, 2009

Consumer spending not returning anytime soon

Filed under: Business, Politics — Tags: , , , — David Kirkpatrick @ 7:02 pm

[Note: this is the replacement for this lost post without the extensive additional commentary from the lost original.]

News from Bloomberg:

Americans plan to refrain from boosting their spending even after the biggest drop in consumption since 1980, signaling concern about the direction of the economy over the next six months.

Only 8 percent of U.S. adults plan to increase household spending, almost one-third will spend less, and 58 percent expect to “stay the course,” a Bloomberg News poll showed. More than 3 in 4 said they reduced spending in the past year.

Respondents were divided over whether the economy will get better or stay the same in the next six months; only 1 in 6 said things will get worse. More than 40 percent of those surveyed said they feel less financially secure than they did when President Barack Obama took office in January, outnumbering 35 percent who said they feel more secure.

Consumer spending not returning anytime soon

Filed under: Business, Politics — Tags: , , , , , , , — David Kirkpatrick @ 5:14 pm

[Note: this post was lost in WordPress somehow. Hit this link for new post sans my expanded commentary from the lost original.]

October 22, 2008

Tough financial news …

Filed under: Business — Tags: , , , — David Kirkpatrick @ 3:21 pm

… all over the place, and in no surprise mortgages are at an eight-year low.

From the link:

Mortgage applications sink

An index that tracks the number of people applying for mortgages fell 16.6% last week to 408.1. That’s an eight-year low, according to the Mortgage Bankers Association.

 

“It’s getting harder to get a loan,” Patrick Newport, an economist at Global Insight, told Bloomberg News. “Sales will continue dropping for the rest of the year because of what’s happening in the credit markets.”

Applications to refinance existing mortgages were down 23.5% last week.