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Spending, incomes rise as layoffs drop
|Contributor||Archbishop Katz |
|Last Edited||Archbishop Katz Nov 24, 2010 01:09pm|
|News Date||Wednesday, November 24, 2010 09:00:00 PM UTC0:0|
|Description||WASHINGTON — Americans earned more and spent more last month, and the number of people applying for unemployment benefits dropped last week to the lowest level in more than two years. At the same time, demand for long-lasting manufactured goods fell off. |
All told, the latest government data released the day before Thanksgiving suggest an improving picture of the economy. Income and spending are rising, and layoffs are slowing. This comes amid a decline in manufacturing activity, which had been a source of strength for months after the recession ended, and persistent weakness in the housing market.
"Up to this point I was very reluctant to say we have turned the corner into a self-sustaining expansion. I think we are verging on that," said Robert Dye, senior economist at PNC Financial Services in Pittsburgh.