Two key economic indicators for November show rough sailing ahead
Consumer credit decreased by the largest number since 1980, with outstanding balances on consumer credit falling $17.5 billion in November, equal to an annualized 8.1%. Pretty sorrow picture considering it was during the holiday shopping season. So much for sustained economic recovery and growth of the U.S. economy, 70% of which is based on consumer spending.
Residential and public construction for November was off 0.6% from October and down by whopping 13.2% from November 2008. Private residential construction led the monthly decline by falling 1.6% from October. The number of foreclosed homes expected to hit major U.S. markets is likely to keep residential housing construction in check for 2010 and likely well beyond. Public construction held steady for the first time since April, only because of a spending increase to build electricity power structures.
Sun Jan 10, 2010 01:01AM | Copyright: www.bad-credit-advisor.com | More in Economy | Comments (0)
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