Consumer spending was stagnant in April, turning in the weakest performance in seven months, while incomes posted a tiny advance.

The Commerce Department says consumer spending was unchanged last month.  Personal incomes rose 0.4 percent, less than the 0.5 percent gain economists had forecast.

Consumer spending is closely watched because it accounts for 70 percent of total economic activity. The flat reading for April raises concerns about whether the recovery from the recession could slow in coming months if households cut back on purchases.

Statewide taxable sales for March 2010 of $3,329,192,855 represents a 7.4% decrease over March 2009, and a 13.3% decrease for the nine months of fiscal year 2010. Read the rest of this entry »

The economy grew at a 3 percent annual rate  from January to March, the Commerce Department reported today. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete information, also fell short of economists’ forecast for stronger growth of 3.4 percent.

The reasons for the small downgrade: consumers spent less than first estimated. Same goes for business spending on equipment and software. And, the nation’s trade deficit was a bigger drag on economic activity. Read the rest of this entry »

Sales of new homes posted another large gain in April as buyers rushed to sign contracts before government tax credits expired.

The Commerce Department reported today that sales of new single-family homes jumped 14.8 percent to a seasonally adjusted annual rate of 504,000 units. The April gain followed a 29.8 percent surge in March, the biggest monthly increase in 47 years. Read the rest of this entry »

Under the American Recovery and Reinvestment Act of 2009 (ARRA), also known as the economic stimulus package, certain recipients of funds appropriated in ARRA (most grant and loan recipients, contractors, and subcontractors) are required to report the number of jobs they created or retained with ARRA funding after the end of each calendar quarter. The law also requires CBO to comment on those reported numbers. Today CBO released a report to satisfy that requirement. Read the rest of this entry »