The economy of the first world power continues to show signs of weakening. The US Department of Commerce said spending rose 0,2% in line with economists' expectations, after rising 0,7% in July. Yet Americans have drawn on their savings to maintain their spending levels, a sign of impoverished consumers. Savings fell year over year to $519,3 billion, the lowest since December 2009, from $550,5 billion in July. The savings rate decreased by 4,5%. Considering inflation, which recorded 2,9% in August, the value of spending adjusted for consumer prices remained stable compared to the previous month – it had increased by 0,4% in July.
Incomes slipped 0,1%, the first decline since October 2009, when economists expected a 0,1% increase. It is a sign of the slowdown in the American economy which is feeling the pressure on the labor market due to the high levels of unemployment. Salaries - private and public - decreased by 12,2 billion after registering an increase of 23,8 billion in July.
Good news instead from New York where the reference index of the manufacturing sector (ISM) of the Big Apple in September re-established itself above 50 at 50,6 points, after having touched 47,8 points in August. In this way it is considered that the economic activities have returned to a phase of expansion. The component that measures employment increased to 48,8 points from 48,6 in July; while that of the prices paid by companies grew to 61 points from 54,3.
