Consumer Spending Reflects Holiday Cheer, but no Increase in New Home Sale
While consumer shopping contributed to a second straight monthly increase in November, the purchases don’t reflect new home shopping. While holiday shopping fueled the two-month increase in consumer spending, it’s not enough to power or even signal strong economic recovery. Despite the bleak job market, those who are fortunate enough to do so are paying down debts on concerns of the future and whether or not their employment blessings will last through the next year. On the other hand, that same job insecurity is keeping people from signing mortgage papers. November marked an 11 percent decrease in new home sales…