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Deloitte Consumer Spending Index Improves With U.S. Housing Market
October 15, 2012
Deloitte’s Consumer Spending Index increased for the month of September. According to the monthly report from Deloitte, U.S. customers cut spending in a number of areas. However, the index showed that housing sales increased for the month, which helped boost the overall index.
According to Carl Steidtmann, chief economist with Deloitte, the improvements in the housing index may be overstated. Any improvements in the housing market may have a limited impact on the index in future months. However, prices appear to have stopped declining, which is a positive indicator for the housing market and economy as a whole.
Consumer spending data has been disappointing and unpredictable over the past year. A stagnant job market and high gas prices have held back spending from many consumers.
Alison Paul heads Deloitte’s retail and distribution sector. Paul said consumer spending data is likely to be disappointing over the next month. However, she expects spending to increase in the holiday season. Also, businesses may increase spending further after the election.
However, improvements in consumer spending will be largely determined by improvements in the economy. Spending is likely to remain stagnant until unemployment declines and real wages increase.