One decent economic report and the media proclaims the Obama Boom lives! Consumer spending rose . 08% for in the month of July. Taking out inflation it actually rose .05%. This one number was all that was needed for the media to proclaim the Obama Boom is back!
U.S. consumer spending rebounded strongly in July to post the largest increase in five months on strong demand for motor vehicles, a government report showed on Monday, supporting views the economy was not falling back into recession.
The Commerce Department said consumer spending increased 0.8 percent, the largest gain since a matching increase in February, after slipping 0.1 percent in June.
[….]
When adjusted for inflation, spending rose 0.5 percent last month, the largest gain since a matching increase in December 2009, after being flat in June.
The data was the latest to suggest the economy started the third quarter with some strength after growth almost stalled in the first half of the year.
Good times ahead people!
