The media still has not abandoned the Obama Myth. They still are expecting this miraculous 2nd half rebound. When bad datacomes in, they call it unexpected. Well once again reality intruded on their little dram world. Personal spending was down .02% in June.
U.S. consumer spending dropped in June for the first time in nearly two years as incomes barely rose, suggesting economic growth could remain subdued in the third quarter.
The Commerce Department said on Tuesday consumer spending slipped 0.2 percent, the first drop since September 2009, after edging up 0.1 percent in May.
Economists had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.2 percent.
When adjusted for inflation, spending was flat in June after easing 0.1 percent the prior month.
“The growth potential for the economy has slowed significantly,” said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York.
The media needs to give up on the Obama Boom lie. No one believes it and most people know that this is the Obama Depression!
Tags: Consumer Spending, The Obama Boom, The Obama Depression
