Americans Cut Back Sharply on Spending
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The abrupt pullback in spending raises the possibility that the country may be experiencing a rare decline in personal consumption.
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Some fear that American consumers will pull back from their exuberant spending, cooling demand for goods worldwide and dragging down the global economy.
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Out-of-pocket costs may be causing millions of older adults in the U.S. to cut back on prescriptions for conditions as serious as diabetes, asthma and depression, a new study suggests.
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On the campaign trail, members of Congress often promise to eliminate pork-barrel spending. After all, the federal deficit is now up to $413 billion, and the US is waging an expensive war in Iraq.
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WASHINGTON -- People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
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WASHINGTON -- Consumers battered by weak income growth and rising inflation cut their spending in August. But analysts said a consumer confidence rebound in September should limit damage to the economy.
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Bush's budget request Monday cut funding for renewable energy, but increased spending for science.
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The US budget deficit is set to hit a worse-than-expected $368bn this year, excluding war costs.
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Holiday shoppers were not spending as freely as expected, causing worry for many economists and investors.
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Battered consumers, faced with weak income growth and rising inflation, trimmed their spending in August by the largest amount in nearly a year. The Commerce Department reported Friday that consumer spending, after adjusting for inflation, dropped by 0.1 percent last month, the first decline since a 0.3 percent fall in September 2005, a month when business activity was disrupted by Hurricane Katrina.
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American retailers have revealed further evidence that US shoppers are cutting back
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Health care costs were a bigger drain on American wallets this year than in 2000, with 14.3 million workers spending more than a quarter of their income on medical care, according to a study by Families USA.
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The US federal budget deficit for the first four months of the current spending year falls to $42.2bn, figures show.
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NEW YORK -- American shoppers took a breather last month as the worst housing recession in 16 years eroded demand for building materials, appliances, and furniture.
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Businesses reined in spending on major purchases last month, a sign that corporate America is pulling back as the economy slows down.
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For the first time, Americans' use of credit cards, debit cards and other electronic bill paying has eclipsed paper checks.
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Budget cuts and old habits may interfere with good intentions.