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After nearly a year of steady gains, the Deloitte Consumer Spending Index fell in November due
to a slowdown in the rise of new home prices and an accelerating decline in real wages.
The Index tracks consumer cash flow as an indicator of future consumer spending . Relevant
factors include the fact that significant downward revisions in both new home sales
and income data were published this month. The new home sales data shows sales began
to flatten out in February. The increased building activity in recent months may increase
the market inventory rather than reflect homes sold, and may result in a pullback in building
next year.
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