Consumer spending nosedives in Q4

Washington – The U.S. Commerce Department reported today that “real gross domestic purchases,” a major component of the Gross Domestic Product, fell by 5.6% in the fourth quarter of 2008, compared to a 1.5% decrease in the third quarter.

The data was part of the preliminary tally of the GDP for the fourth quarter, which Commerce said decreased at a 6.2% annual rate – stunning many economists who had projected a less steep decline; some reports said this was the sharpest quarter-to-quarter fall in more than 25 years.

In related components, Commerce said Q4 “real personal consumption expenditures” fell 4.3%, following a 3.8% decrease in Q3; and imports of goods and services decreased 16.0%, following a 3.5% decrease in Q3.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!