Spending by American consumers fell in November for a record fifth month led by consumer severe cut backs and halt in auto sales
Joe Weinman
Dec. 21, 2008

Purchases dropped 0.8 percent last month, according to the market expectations ahead of the Commerce Department report Dec. 24. Combined sales of new and existing homes approached the lowest level in at least twelve years; government and private figures may also show.

Spending by American consumers fell in November for a record fifth month, while home sales, auto sales, and orders for durable goods declined sharply as recession changed into depression.

Lack of credit, plunging home values and mounting unemployment signal consumers will keep retrenching into 2009, hurting demand for big-ticket items like automobiles. The Federal Reserve has pledged to use “all available tools” to limit the economic damage and President-elect Barrack Obama has said one of his top priorities will be to create jobs. But the economic think tanks are skeptical about government’s ability to control the depth of the depression. All that they can do is to print money and distribute like rookie. That is exactly the Treasury and Fed have been doing so far. Soon dollar will devalue to 50% of its current value, oil price will soar again, bond market collapse, stock market trade below 2500 in Dow, and unemployment rate skyrocket to 15 to 22 %.

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