Page 7 - Aruba Today
P. 7
U.S. NEWS A7
Monday 9 November 2015
US Financial Front:
Voices of consumers: Jobs report shows inclination to spend
The Associated Press Target shoppers Kelly Foley, left, Debbie Winslow, center, and Ann Rich shop in South Portland, make ends meet, he’s
Americans finally feel con- renting part of it to friends
fident enough in the U.S. Maine. Friday’s jobs report suggested that many of the hefty total of 271,000 positions added in who need a place to stay.
economy to splurge. He doesn’t plan to spend
Friday’s jobs report sug- October resulted from consumer spending — and the expectation that solid spending would any more than usual dur-
gested that many of the ing the holiday shopping
hefty total of 271,000 po- extend through the holiday shopping season. (AP Photo/Robert F. Bukaty) season.
sitions added in October The low oil prices have min-
resulted from consumer traction after years of sub- Leonard said. “Now I’m penses to become more imized inflation. But that’s
spending — and the ex- par growth levels. looking at new.” manageable. In cities like hurt some who manage on
pectation that solid spend- In Boston, Michael Leonard After recently graduating Denver and San Francisco, fixed incomes.
ing would extend through is looking to buy a car. from college, Christianne sharply rising housing costs In St. Paul, Minnesota,
the holiday shopping sea- “I’ve got a higher salary Kinder found a job man- have put the benefits of Lynne Navratil, 64, re-
son. and lower expenses up aging customer service in an improving job market tired after working for the
People are treating them- here,” said Leonard, of Bos- Boston and “more dispos- out of reach for many resi- Ramsey County govern-
selves to gourmet ham- ton’s Back Bay neighbor- able income” faster than dents. ment. The relative absence
burgers, expanded ward- hood, who started a new she expected. Chris Harvey, a 32-year- of inflation means that So-
robes and new cars. Their accounting job in April af- She doesn’t have a car old Denver resident, be- cial Security recipients like
spending has offset the ter moving from Charles- and spends little on trans- moaned the city’s high her are receiving no cost-
global weakness that has ton, South Carolina. portation, giving her more rents and said his spending of-living-adjustment, even
hampered the manufac- He’s been buying lunches to spend on clothes and habits haven’t changed. as her expenses for rent
turing sector, jarred the at restaurants twice a week food. “The rent — it’s going and health care have in-
stock market and de- and going out to dinner “I spend most of my pay- through the roof,” Harvey creased.
pressed oil prices. about once a week, more check on T.J. Maxx,” said said , smoking a cigarette “I do love to eat out a
The economy remains far than he did in Charleston. Kinder, a self-described outside his apartment lot, but I’m really having
from fully healed. Yet job And he now plans to up- “foodie.” building a few blocks from to budget closely in order
growth has generated grade to a nicer vehicle Even as the economy im- the state capitol. to make it each month,”
more confidence and than he first intended. proves, some people are Harvey said he’s paying she said. “It doesn’t feel
helped power a recovery “I’d be getting used,” still waiting for their ex- $785 for a studio, and to good.” Navratil said she’ll
entering its seventh year. be spending less on holi-
The government said res- day shopping this year
taurants and bars em- than she usually does “be-
ployed an additional cause I can’t afford it.”
42,000 workers last month. The revival of downtowns
Clothing stores added around the country has
19,500, auto dealers 5,600. helped boost spending on
Roughly half the jobs add- night life and construction.
ed came from just three Demand for new buildings
sectors that depend on helped raise construction
consumers: Health care; wages 1.5 percent over
retail; and hospitality and the past month — an 18
leisure. Overall, the hiring percent annualized in-
helped push the unem- crease — to an average of
ployment rate to a seven- $25.40 an hour. That com-
year low of 5 percent. It pares with an average
showed that even the slow 0.4 percent month-over-
rebound from the Great month increase for all rank-
Recession is generating and-file U.S. employees.q
