American Consumers Stop Spending: 'They All Feel Poor'

Consumers shrug off unemployment, pessimism, and spend

(NEWSER) - Holiday shoppers put their economic fears on layaway on Friday, and instead bought and charged their way to a record huge Black Friday, reports Bloomberg . With $11.4 billion spent at retail stores and malls on Friday, spending was up 6.6% from last year, the biggest one-year gain since 2007. “A solid Black Friday suggests the rest of the season should be pretty good,” said one retail expert. “Those who have jobs have been willing to spend.” More»

Consumer protections result in lower limits, less spending

(NEWSER) - The impending enactment of new credit card law is poised to rob retailers of $9 billion in holiday sales compared to last year. The law, designed to protect consumers from rates being raised on the sly and sneaky fees, already has led to lower credit limits and more rejected applications than usual. “Diminished availability of credit equals diminished spending,” a Target exec tells Bloomberg , helpfully. More»

Retail sales beat expectations in November

(NEWSER) - Stocks ended today's session mixed, with the Dow posting solid gains. Alcoa saw a. 8% jump on an optimistic profit estimate by JPMorgan, and the University of Michigan/Reuters December consumer sentiment index beat expectations, the Wall Street Journal reports.

• The Dow rose 65.67 points to close at 10,471.50.
• The Nasdaq fell 0.55, settling at 2,190.51.
• The S&P 500 gained 4.06, closing at 1,106.41.

Recession isn't over as far as consumers are concerned

(NEWSER) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment, stagnant wages, and tight credit squeezing shoppers, executives don’t expect to see improvement until next spring. More»

Analyst sees hope in unusual indicator's promising numbers

(NEWSER) - Amid mixed reports about recession and economic recovery, here's a bright spot: Men’s underwear sales are on the rebound. Believe it or not, that's a reliable indicator, because selling unmentionables is “such a need-based business that it really is a good indication that the consumer hasn't checked out,” an industry analyst tells the Philadelphia Inquirer. Sales were up 4.6% in the first 6 months of 2009 over a year earlier, even as sales of women's skivvies dipped 3.3%. More»