Obama Defies Pessimists as Rising Economy Converges With Stocks
Consumer spending up, manufacturing grows
NEW YORK
Mon Mar 1, 2010 2:05pm EST
The Commerce Department said on Monday spending rose 0.5 percent, increasing for a fourth straight month, after advancing by an upwardly revised 0.3 percent in December. Consumer spending in December was previously reported to have increased 0.2 percent.
Analysts polled by Reuters had expected consumer spending, which normally accounts for over two-thirds of U.S. economic activity, to increase 0.4 percent in January.
"The message is continuing progress for the economy, if not as fast as hoped," said Pierre Ellis, a senior economist at Decision Economics in New York.
An industry report said the U.S. manufacturing sector grew in February but at a slower rate than was expected. Analysts said it was still proof the economy is on the mend.
The Institute for Supply Management (ISM) said its index of national factory activity declined to 56.5 in February from 58.4 in January. The median forecast of 80 economists surveyed by Reuters was for a reading of 57.5.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
http://www.reuters.com/article/idUSTRE6202E120100301
Ok do the numbers....4 months November, December..I'm sure that Christmas spending had no effect on those months...January, February are the months that some Americans start getting tax refunds and have extra cash to spend, and some of the spending also comes from people that had extra work and additional income over the holidays. These numbers mean nothing, and I would guess that they will drop for the next few months. This administration more than most is putting spin on every number that comes out and saying whatever the result that is "not what was expected". My question is..expected by who? This economy is still in the crapper and no it's not what I want. If this health care disaster is passed it's going to get alot worse.