So far, it's all bad news. From Bloomberg:
Consumer spending stalled in May as stagnant wages and slackening employment held back the biggest part of the U.S. economy.
Purchases were little changed after a 0.1 percent rise the prior month that was smaller than initially reported, according to Commerce Department figures issued today in Washington. Another report showed household sentiment dropped this month to the lowest level of the year.
And people notice this stuff:
“Consumers are struggling with a lack of income growth, and the consequence is spending is suffering,” said Ward McCarthy, chief financial economist at Jefferies & Co. in New York, who forecast stagnant spending.
Cooling demand coincides with a weakening of the labor market. Companies added 82,000 workers to payrolls last month, the fewest since August. Next week, the Labor Department may report private payrolls rose by about 100,000 in June, completing the weakest quarter for the job market since January- March 2010, according to the Bloomberg survey median.
Consumers have had to rely on savings to boost spending as income growth slowed. Today’s income report showed that may be starting to reverse. The saving rate rose to 3.9 percent, a four-month high, from 3.7 percent.
Four more years? Once again, the Obama Administration seems disconnected to reality. Sometimes, though, as an experiment, I stare out the window and try to spin this Obama's way.