In June, Families Made the Same, Saved More, Spent Less

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Tuesday, August 03, 2010 at 9:36 am

Data released by the Bureau of Economic Analysis at the Commerce Department this morning shows that Americans earned a bit more, spent a bit less and saved more in June — all in line with economists’ expectations. Consumer spending drives about 60 percent of the economy, therefore, economists do not expect the recovery to take strong hold until American families feel secure enough and are earning enough to spend again. Unemployment, of course, remains a major drag on the economy.

Wages and salaries fell $5.2 billion in June, after increasing $19.2 billion in May. Overall income increased $3 billion, less than 0.1 percent, between May and June. Consumer spending decreased $2.9 billion between May and June. And Americans saved $726 billion, 6.4 percent of disposable income, up from $714 billion in May. Overall, all of these key indicators of macroeconomic health point to a continued slowdown, or even a stall-out, in the recovery.

The core consumption expenditures index, an indicator of inflation excluding volatile food and energy prices, increased less than 0.1 percent.

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Comment posted August 31, 2010 @ 11:52 pm

In the summer of 2007 spoke to a Senior VP of a credit union in LA and said restructure your loan programs, and start promoting savings programs it will save your credit union. Didn't listen. In New York I was in international banking thru the 70's a Hawaiian banker in the 80' (the Japan market)and California the early 90's. The day Washington Mutual failed a member of the Chamber of Commerce I worked for at the time, asked me should he should he buy WaMu stock, I said NO. My boss said do it. He chose my boss's opinion. Guess how much was lost of the family money? I went to my CEO and asked her if she was afraid of the the housing market in 2006. I was told to focus sales of membership were incredibly high and they are republican votes..
I am now one of the 99'ers, I told the truth and sat back and thought someone else would take of it, I was wrong and I apologize for not supporting the people who first asked and trusted me to protect their money. I recognize and truly understand the Glenn Becks, the snake oil salesmen of money. I worked for bankers, I know them. it is Dog eat Dog and I am sorry but everyone who opens a checking or savings account with a large bank is THE DOG, you are only paying the salary of a crook. Stay local support your community banks and credit unions. I started in the industry when the rules and regulations protected you money. Now it is an open forum for stealing. The only thing that matters to the International market and The Chamber of Commerce is how much they can take without being caught.I am going to open my life to hell, but my real name is Eileen and anyone I have worked for will know who I am, and that I speak the truth. So let the game begin.


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