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Deloitte: Housing Recovery Lifts Consumer Spending
June 20, 2012
By Kalen Smith, Big4 Blogger
New reports have shown that the United States may be headed back towards a double dip recession. According to a new report from Thomas Reuters and the University of Michigan, consumer spending has fallen to a six month low. However, even as stagnant job growth and other anemic economic data is published, Deloitte points to one bright point in the economy. A new housing recovery may be underway.
Contractors are reportedly purchasing more houses. Prices of houses are rising modestly as well. This is helping push the Deloitte Consumer Spending Index higher, even as consumers start to cut back on other purchases. This is an encouraging sign to the overall economy.
However, Deloitte warns that the lift in housing sales could be temporary. The Bureau of Labor Statistics has shown that job growth has significantly trailed expectations since March. Without a robust jobs recovery, Deloitte experts warn that the housing market may quickly turn course.
Alison Paul heads Deloitte’s retail and distribution sector. Paul said that consumers are still uncertain about the prospects for the nation’s economy. However, they may be more comfortable spending in other areas if their housing concerns are alleviated. Nevertheless, there are a number of dimensions that will continue to play a role in the