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Subscribe to RSSThe economic outlook for most Americans is improving, but not enough to give the all-important holiday shopping season a boost, according to new data from Consumer Reports.
The publication's Trouble Tracker Index, which measures financial difficulties faced by consumers in the past 30 days, has declined for five straight months and now stands at 49.3 for November, down from 50.5 the prior month and down significantly from a reading of 62.1 one year ago.
Similarly, the Consumer Reports Stress Index, which measures the stress consumers feel in their everyday lives, was down in November to 58.5 from 63.2 in the prior month, and is also down sharply from a reading of 60.5 one year ago.
Put together, these data point to potential improvement among consumers, but Consumer Reports Money Adviser's Amanda Walker notes that, as Black Friday approaches, there are still some troubling signs for retailers.
The Consumer Reports Next 30-Day Retail Index for November, which measures consumers' intentions to shop in the next 30 days, is down from one year ago, she said, with particular weakness seen in planned purchasing of personal electronics relative to a year ago.
The Consumer Reports data point to improvement in the economy, but this year's holiday shopping season is likely to get off to a slow start, Walker said.
"It doesn't mean no one will buy an iPad or a MP3 player or an ebook reader, but [consumers] are saying they plan to buy less than they did last year, at least in early November," Walker added. She also said that as Black Friday nears and retailers begin to tout their sales, consumers might get into a spending mood.
Consumer Reports' Amanda Walker discusses the report on CNBC here:
Visit msnbc.com for breaking news, world news, and news about the economy
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And shut it'll stay till I know exactly what my tax rate will be, what health care insurance will cost and the economy is on much firmer footing.
A-freaking-men to that!
Makes me wonder exactly what they are tracking in the Consumer Reports Stress Index. Unemployment is at all time highs. The number of people who have fallen off unemployment or just given up finding a job increases the unemployment rate to approx. 18% nationwide. Health insurance premiums are increasing 30% plus per year. Housing values continue to fall. The holidays are coming and somehow we are all less stressed? I don't know about you, but in my neighborhood people are very stressed and the situation is getting worse everyday not better.
I said it before the conservative values will lead to stagnation and depression. People should be whats important not dollar signs. Make it work!
Holding and Hoarding will cost us all.
Where is the Love?
Excuses are for losers, but we all will lose to other growing free markets while ours is shrinking.
MDB123. . . .I am a bit confused by your rant. Are you saying that we should spend during Christmas time because we should not hoard and we buy things to show our love? Or are you saying that we should spend and purchase and continue the debt cycle and this is a sign of love? According to your logic because I refuse to spend and go into debt and I have enough money to survive 4+ years if I am suddenly unemployed I am a "bad" person? I believe I am a responsible person and people like me who attempt to live like those of generations past by paying cash and living well below my means are who made this country great. The downward spiral of a service oriented society began 50 years ago and it has been a slow painful slip backward. Now financially irresponsible people/politicians like yourself want me to spend my money to "help a brotha out." Guess what. . .ain't gonna happen. Oh, and before you or anyone else goes on a rant about how I am selfish and only care for myself I have a family of 4, give over 10 percent of my income to charity, make under 100K (2 incomes combined), and also do volunteer community service in my community and other states and even other countries. It is amazing what you can accomplish if you are responsible.
So, we're supposed to come up with money that we don't have, to spend on things we don't need, in order to help make the economy grow?
Last time I checked you need a JOB to make money. How many millions of americans are unemployed, and about to lose their unemployment benifits at the end of this November? How many lost not only their jobs, but their homes?
And it's our god damn job, to pay for @!$%# that we don't need, to help the economy?
Seriously?
Yes, the government has firmly labled you (and me too, ftr) as the problem. That 4+ years is falling fast.
you assumed my point! My point is the top half of the economy is too big compared to the fish that feed it. Not enough food to go around yet we are not hurting for resources.
Wow I wasn't speaking about peasants like you and myself?
Costs for the average continue to climb yet pay does not. The top has become richer by over 17% during a recession. Holding and Hoarding by the minority is the problem. Political strategies by the Rich.
If everyone is conservative than supply isn't necessary because demand is non existent. We work because there is a need. No need no work. Maybe I am wrong and communities are not that important.
Try to think bigger.
MDB123. . . Perhaps your last sentence is the problem: "try to think bigger." That has been our problem for the last 20 years. Maybe we would all do good to think "smaller" for a while and downsize and live within our means. A good portion of people need to pay off student loans, credit card debt, homes are under water, car loans, or medical expenses. Perhaps we are beginning to learn that we can either do more or do the same with less? I encourage you to take a look at American history. Every now and then you have a generation that hits the financial wall. It happened in the early 1800's, late 1800's the depression era generation, and the deep recession of the early 80's. Each time spending was cut back and debt paid down and that set the stage for a massive spending spree. The deeper the recession/depression the greater the growth on the other side. So I encourage you to not just think smaller but to stop and just think.
Less is more. I agree and disagree. Less can also be less. Less growth, less jobs and less worldly influence.
fiscal responsibility in my case is dampened by the lack of jobs not by irresponsibility. Hard worker with no work. Losing my wits about it. :)
Personally never owned a credit card till I had to for job purposes.
Don't forget that certain spending cuts can have an adverse affect resulting in more spending to control the repercussions. Perception is a current stance but not a complete view. Thats why we have many houses which are designed for checks and balance. Party lines instead of fullfilling your obligations. :(
Never mind holiday shopping I think consumers are having a hard enough time buying groceries-the cost of food right now is outrageous. I think people are finally learning to live with less so they are less stressed ...and will likely spend alot less on the holidays this year than they have in the past.
Lead by example - let the government "hold and hoard" and the rest will take care of itself. Federal gov't must stop spending money that it doesn't have - clearly regular citizens are correct in not overspending on expendable unnecessary items.
Get this straight. You can not BUY, what you can NOT afford. If you can afford it, that doesn't mean put it on layaway, that does not mean borrowing (with interest), that does not mean overspending.
That means you can NOT BUY IT!
And that's what a lot of american's have learned the hard way. Those americans that lost homes, can't afford an Ipad or any of it's related Ijunk garbage. That's right it's Igarbage. Ithis and Ithat. No one gives a flying @!$%# about any electronic garbage that they can no longer afford. They can't afford to keep puting batteries in the damn things, or keep wasting electricity in their homes during the winter months, attempting to keep the damn things charged and ready to go. It's a drain on peoples pocket books.
The only thing that consumers want right now, I mean the ONLY thing they want right now is a roof over their heads, warm heating during the winter months, food on the table. And that's it.
Plasma screen tv's for nearly as much as a months rent? Can't afford it.
An X-box that costs as much as repairs to a broken down tail-light on the car? Can't afford it.
An Ipad that costs just as much as 50 hard bound books? Can't afford it.
Retailers are pushing nothing more than electrical garbage, because that's all it's worth right now. And those people that buy it, only buy it to show off their buddy's and shove it in their faces.
"Yo dude, check this out, it's the latest Iphone/Ipad/Tweeter Woofer." And about two months later it's sitting on the shelf or lost in the car under the seat, picking up dust and oil from greasy palms.
We'll spend our money on what we can afford. Right now, all that garbage us unaffordable to our "basic living needs". I don't need a plasma tv, i don't need a god damn useless cellphone, I don't need a fricking playstation 3/xbox live pay every month crap.
I have a roof over my head, warm heating this winter, and food on my table. Because I don't buy what I can not afford.
So piss off.
Epic win! =)
lol....love it.
I will continue to restrain my spending until I know much more about taxes and how Congress will be impacting the economy.
I'll open my wallet just as soon as I see big business opening theirs and putting their hoarded trillions (from nearly a decade of massive tax breaks) toward stimulating the economy they've suffocated.
We don't "holiday" shop at our house anymore. We shop thrift stores for ourselves and give our kids and grandkids money as gifts. No more spending freely....and we'll stay that way for a long time to come.
I'm happier saving money to spend on experiences (trips, concerts etc.) instead of things. I'm also happy to donate more money to charity each year. I don't think Holiday shopping is the key to expanding the economy...we need to think more long term. Green jobs? Less red tape for small farms? We need to create more things here too...I'm sure that 90% of my belongings say 'made in China' and I actually try to pay attention to what I buy.
I have TWO, (2), $176.00 car payments left and My 2005 Suzuki is PAID OFF!!! AND I AM DEBT FREE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Building up my Cash Reserves, stashin' the Cash!!!!!!!!!!! Got Car Salesmen ALL OVER ME Wanting to sell me a 2011 ANYTHING, with my unblemished Car Payment History, And BACK Into Debt?????? NOOOoooooooooooooo.......
Got the tree, got christmas songs and carols, got the lights, like in ChevyChase Christmas Vacation with Cousin Eddy, and got NO shopping BS in Mind. After All Gonna give to the poor guys on the corner and Keep my spending holstered.
NO FREAKIN' DEBT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stay safe, don't drink and drive. And don't get into an accident.
Oh and if you do get into an accident, make sure it's not in California, and not in the huge inner city garages. You'll never be able to afford the repair bill.
Neither a lender nor a borrower be. A penny saved is a penny earned. In God we trust, all others pay cash. Words to live by.
Why is it that us Americans have to constantly wave the flag of patriotism, but the businesses that were born, and thrived here do nothing remotely patriotic ever. Hell, they can't even pay the taxes they owe...spending millions trying to find ways to avoid them...thats quite patriotic...
Becoming debt free was the best feeling ever. Spent foolishly for 10 years with little to show for it but now all the extra goes into savings. I am even able to treat myself and the economy now and then - but I do it with cash not credit.
"...the ONLY thing they want right now is a roof over their heads, warm heating during the winter months, food on the table. And that's it." KeyOrion
I agree 100%...except to still be able to put gas in my car. I'm lucky enough to still have a job, but I still need a way to get there. Haven't been spending a dime I don't have to, and don't plan to, either.
Not me! I been spending money faster than I can get it. I am going to just go see my boss tomorrow and let him know the bad news. He will have to give me a raise and that is all there is to it LMAO. Can you guess who I am?
My wife and I are through shopping thanks to all the sales this past weekend. And, we spent 10% less than last year! Not too shabby. C'mon Valentines day! LOL!
I earn a decent income (with as stable of a job as one could have) so it's not that I can't "afford" to buy stuff. I just also, like most others, have outstanding credit card debt. I refuse to buy "stuff" while I'm still paying interest on old debt. As long as I have outstanding debt, there's no such thing as "paying with cash".
I feel fortunate that I've learned this lesson while I'm still young (27). My parents still carry huge revolving credit balances, as do many of their friends. They have to have the newest ATVs, cameras, and toys. They seem to have no real interest in living within their means, without credit card debt. They complain about it a lot but are quick to go out and buy that new thing that they "need". I don't see their savings carrying them through retirement and with the amount that they earn, they should have much more in the bank, or at least their house should be mortgage-free. The idea of retiring with a monthly mortgage payment makes me shudder.
I hope that my generation is learning that the debt is just not worth it. Maybe we'll follow our grandparents' example and will be more responsible with our money?
Please remind me, who is on a $50 bill?????
Capitalism requires conspicuous consumption which requires wage levels that account for increased productivity. Business has refused to compensate the workforce accordingly by either overworking existing employees or simply sending jobs to more favorably labor sites which may be overseas or the southern states which have low taxes because they skimp on education and other social services. Any individual whose job (and pay check) results from providing goods and services needed by our society as a whole requires a consumer. In other words, your job depends on consumption by someone. Fiscal restraint is important for the individual but the current problem is business sitting on trillions of dollars in cash, which they using to buy back stock to hold their stock option price high, while failing to pay the wages necessary to create demand for their goods and services. Pretty vicious circle which only business can break.