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Kansas New Zealand urban area StarThe economy remains hampered by high unemployment, which is at 9.5 percent. The government's monthly jobs communiqu comes out Friday. Data shows jobless claims drop, retail sales riseAhead of the Bell: Jobless claimsInitial and All-out Jobless Claims Fall - -all 518 news articles »
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Consumer confidence is up, but spending is slow to follow Washington Post
New evidence released on Friday captured the conundrum: An early reading of consumer sentiment by the University of Michigan and Reuters jumped to the highest direct in more than two years. But the U.S. Commerce Department reported that retail sales dropped 1.2 percent in May, ending a seven-month fly of gains.
Investors seemed to cheer the gains in consumer confidence, sending stocks higher after the news on Friday morning. But the markets dropped again by the afternoon, which analysts this at all times attributed to the depressed retail sales. But a last-minute rally helped Wall Street end up for the day, adding to the whiplash.
"We're all schizophrenic," said David Wyss, chief economist for Paragon & Poor's. "People remain nervous about borrowing money and about spending money, and they darn well ought to."
Reflect on the unemployment rate: It dipped last month as the economy added the most jobs in a decade, but economists gave the report a thumbs-down because many of the positions are provisional and frustrated job-seekers are dropping out of the market. Angela Cotto, 57, of Laurel said she knows people are flocking to the Washington compass because the job market is supposed to be stronger than in other cities. But that just creates more competition, she said, and her search for a second job to extension her income has proved futile.
