Strapped US consumers curb spending as inflation bites »
Posted By STONERS 10 months, 1 week ago in Business & FinanceUS consumers snapped shut wallets as a boost from tax rebates wore off and inflation soared in July, government data showed Friday in what could be a bad omen for an economy dependent on consumer spending.
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STONERS10 months, 1 week ago
"Soaring food and energy prices pushed inflation to 4.5 percent, the strongest annual pace in 17 years, further pressuring US consumers as the economy is hammered by a housing market crisis, tight credit and rising unemployment."
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"Analysts noted that a massive government tax-rebate program launched in late April to stimulate spending and economic growth was winding down."
"In spite of the rapid dispersal of the economic stimulus payments in the April to July period, consumers pulled back on real spending in both June and July in the face of weak employment conditions, higher energy prices, and further declines in household net worth," -
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jordan1110 months, 1 week ago
There goes returns on savings. I've never been so worried about the future as now.
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miklkit10 months, 1 week ago
Doesn't a 1% inflation rate per month total out to a 12% yearly rate?
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