You Deserve A High Five: Consumer Spending Is Up

Spend, spend, spend! Buy, buy, buy! That’s what all of you have been doing, especially at the end of 2010, says a new report from the Commerce Department, leading to an uptick in consumer spending which is helping to boost the economy. Good job!

It’s okay if your pockets are empty and your apartment/house is full of random stuff you don’t need, because you’re contributing: According to the report, Americans spent at the fastest pace in four years and U.S. companies sold more overseas, says the New York Daily News.

This could mean a good 2011 for the economy, but even more growth has to happen to counteract high unemployment. Growth went up at a rate of 3.2% in October-December, up from 2.6% growth in the previous quarter.

Things seem to slowly but surely be getting better each year, aided by renewed consumer spending, which accounts for around 70% of overall economic activity, says the NYDN.

Good job, everyone. Now get out there and get your hands on that sweet little food processor you’ve been eying. Yeah, you know the one.

Consumer spending uptick helps boost U.S. economic growth [New York Daily News]

Comments

Edit Your Comment

  1. MishunAcomplisht says:

    That’s right, just keep buying, and doing as you are told by our 10 bazillion ads like good little consumers. Stop that god damn saving instantly. Poor people like you aren’t allowed to save! That’s only for rich people that are better than you, who never spend on any real business that creates anything or benefits the society. Never mind, forget it, we’ll just introduce new fee structures in every area, product and facet of your life to get it out of you, take away anything over 1% interest on your savings, while charging you 22%+ interest on OUR money when you need a loan, we’ll continue ruining your credit with a mysterious rating system we won’t allow you to figure out, and if HA HA you have DARED to be fired from your slave job, we will MAKE YOU PAY by making your bennies impossible to get and make sure you are MARKED FOR LIFE for having been unemployed. After all, we pretty much own Congress, so go ahead, write that letter, sucker. See what it gets you. Oh and we own the media too, and we can shut down your blog or remove your twitter feed at any time, and hell, get your records from your ISP.

    I know some of you will laugh and call the above Tin Foil Hattery, but only if you haven’t been paying attention. Go see the movie “Inside job” and then you’ll be hip to the reality above.

    • Blueskylaw says:

      Spot on.

      Did you also know that most of our imports come from overseas?

    • Loias supports harsher punishments against corporations says:

      tl;dr, but I find it hilarious at the notion that I can be fully educated on the workings of capitalism simply by watching a 90-minute “expose.”

    • PSUSkier says:

      Yes, let us only save money and not use it to enjoy some of the finer things in life. Our existence should only be based on working hard to see how high we can drive up that number after the $ symbol on our bank account statements.

  2. Cheap Sniveler: Sponsored by JustAnswer.comâ„¢ says:

    Americans spent at the fastest pace in four years -
    Because all the stuff we bought 4 years ago is broken.

    • Outrun1986 says:

      If the stuff we bought 3-4 years ago isn’t broken its so outdated that we can’t even use it anymore and not feel like a pauper for doing so.

  3. Gman says:

    Enter now all of the politicians salivating at taking credit for this. Even if they were not even elected yet, it is because of the goodwill their campaign commercials generated. :-P
    I wish there was sarcasm there but I imagine that will be entirely true.

    Now I do want to know is how many of these companies will hire back workers or just enjoy the profit scrooge style

    • Gman says:

      Dang no edit button…
      Meant to add: “Assuming there is any profit involved in this growth, there might not be”

  4. trentblase says:

    No, we didn’t spend at the fastest pace… We INCREASED SPENDING at the fastest pace. Big difference.

  5. ALP5050 says:

    Spending went up during December? I never would have thought people would spend in that month…

  6. Me - now with more humidity says:

    Are you gonna let the cat out of the bag?

    Ha! I kill me!! 8-)

  7. AgostoBehemoth says:

    However, there’s this tidbit…

    “U.S. consumer spending rose more than expected in December to post the sixth straight month of gains as households drew down on their savings to fund purchases, government data showed on Monday.” and this “savings dropped to their lowest level since March”

    well that’s not so good… http://www.cnbc.com/id/41349851

    I have a question – does the government count energy (gas & home heating etc) and food purchases in this figure?

  8. evnmorlo says:

    Prices probably just went up

    • wrjohnston91283 says:

      While increased spending due to increased prices doesn’t mean we’re buying more STUFF, it does mean we’re SPENDING more money. Granted it would be better to see an increase in purchasing stuff, but increased spending due to increased prices shows that people are at least willing / able to spend a larger amount of dollars.

  9. BuyerOfGoods3 says:

    I don’t know about buying, but since being unemployed I’ve given more to Charity than I ever have. Be the change, you know.

  10. segfault, registered cat offender says:

    Yes, even buy a striped grey cat in a brown paper bag! Why would anyone want such a thing?

  11. HogwartsProfessor says:

    Urg, I had to buy a new dryer yesterday. Does that count?

    • areaman says:

      It doesn’t count towards the figure in thenews story. Butthat doesn’t mean you didn’t help ‘the cause’.

      What type of machine did you get?

  12. thedarkerside.to says:

    It had me scratching my head a decade ago when I learned that 70+% of the US’ GDP was generated by consumer spending.

    A decade later I still haven’t stopped scratching because it strikes me as utterly insane to have an entire economy basically based on people buying and selling stuff to each other.

  13. zzyzzx says:

    More like supporting the Chinese, Korean, and Mexican economies.

  14. Brontide says:

    Real PCE includes such consumer spending as *out of pocket MEDICAL COSTS*.

  15. Dollie says:

    I’m spending a lot lot less than I have in 20 years. Many people I know are as well, even those that are employed. I know up in DC they’re spending the crap out of money they don’t even have, but they don’t count themselves as consumers. So who’s spending the money? Real Housewives?