Cleaning & Restoration Breaking News

Personal spending posts record hike

Free auto financing deals push American spending up a record amount in October, despite stagnant incomes.

WASHINGTON -- With an economy in recession, Americans attracted by free auto financing deals pushed their spending up by a record amount in October despite stagnant incomes, according to the U.S. Commerce Department.

The federal department reported that personal spending rose 2.9 percent in October, an all-time high, led by a record increase in purchases of autos and other durable goods.

The record-spending hike followed a large decline of 1.7 percent in September, when the U.S. economy came to a virtual standstill as Americans, stunned following the aftermath of the terrorist attacks, stayed out of the shopping malls.

The October spending increase surpassed the previous record of 2.6 percent, set in September 1986. Led by the huge jump in auto sales, sales of durable goods surged by a record 13.8 percent in October. Sales of nondurable goods posted a much smaller 0.5 percent gain while sales of services, the biggest spending category, increased 12 percent.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view