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Higher gas costs push US consumer spending up

Associated Press -- Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere.

The Commerce Department said Friday that consumer spending rose 0.5 percent in August from July. It was the biggest jump since February.

Gas prices rose nearly 50 cents per gallon in July and August, but have since leveled off. Excluding the impact of higher gas prices and other price gains, spending ticked up only 0.1 percent last month.

Income grew only 0.1 percent, too. But after accounting for inflation and deducting taxes, income actually fell 0.3 percent — the poorest performance since November.

The increase in prices and slower growth in pay forced people to save less.

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Submitted Oct 01, 2012 By: skb69sa

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WalkingWV Champion Author West Virginia Posts:3,701 Points:779,595 Joined:May 2008	Message Posted: Oct 2, 2012 10:54:34 AM Ignore WalkingWV Report Abuse Some articles just write themselves.
TruthMatters Champion Author New Jersey Posts:2,520 Points:534,735 Joined:Oct 2011	Message Posted: Oct 2, 2012 8:58:35 AM Ignore TruthMatters Report Abuse This would be obvious, wouldn't it?
Martinman Champion Author Mississippi Posts:14,739 Points:2,093,830 Joined:Sep 2005	Message Posted: Oct 1, 2012 11:14:45 AM Ignore Martinman Report Abuse REPOST ! REPOST ! REPOST !
hobby1013 Rookie Author Albuquerque Posts:15 Points:454,450 Joined:Mar 2007	Message Posted: Oct 1, 2012 10:59:08 AM Ignore hobby1013 Report Abuse ok
bar1035 Champion Author Charlotte Posts:9,167 Points:1,299,195 Joined:Aug 2006	Message Posted: Oct 1, 2012 10:49:49 AM Ignore bar1035 Report Abuse Who can't understand that its Helicopter Ben's free money policy that is feeding the speculators
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,785 Joined:Feb 2011	Message Posted: Oct 1, 2012 10:18:13 AM Ignore gandalfthegrey1 Report Abuse "Higher gas costs push US consumer spending up". Wow What a revelation. The sad part is "after accounting for inflation and deducting taxes, income actually fell 0.3 percent — the poorest performance since November." Only one way to turn this around. We start doing that next month.
AlienBug All-Star Author Connecticut Posts:732 Points:218,035 Joined:Jul 2011	Message Posted: Oct 1, 2012 9:59:41 AM Ignore AlienBug Report Abuse Thank you Barry Hussein!
fuel2use Champion Author Seattle Posts:3,493 Points:734,300 Joined:Dec 2010	Message Posted: Oct 1, 2012 9:32:58 AM Ignore fuel2use Report Abuse Yes
otherdave Champion Author Indiana Posts:3,398 Points:1,270,135 Joined:Oct 2008	Message Posted: Oct 1, 2012 9:05:33 AM Ignore otherdave Report Abuse Duh???
sljbc475 Champion Author Tucson Posts:4,225 Points:873,350 Joined:Dec 2010	Message Posted: Oct 1, 2012 8:55:24 AM Ignore sljbc475 Report Abuse The wave of higher prices is coming for everyone.
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,230,620 Joined:Oct 2009	Message Posted: Oct 1, 2012 8:43:16 AM Ignore tbgasmizer Report Abuse You can spend only what you have.
Bobmilan Champion Author Louisville Posts:1,200 Points:476,325 Joined:Sep 2011	Message Posted: Oct 1, 2012 8:42:48 AM Ignore Bobmilan Report Abuse Where are the news stories about President's buddies getting rich and stuffing $$ in Bush's back pocket?? OOPS. Obama is President. And VP Biden proposed 50 cents/gallon surtax to force conservation. He is HAPPY!!
fishgaro Champion Author St. Louis Posts:1,499 Points:345,885 Joined:Apr 2012	Message Posted: Oct 1, 2012 8:41:01 AM Ignore fishgaro Report Abuse Yeah, go figure
85XJ Champion Author Toledo Posts:5,611 Points:1,281,740 Joined:Mar 2005	Message Posted: Oct 1, 2012 8:39:01 AM Ignore 85XJ Report Abuse No surprises here for me. Fuel is number two in my budget, right after the mortgage.
garjul Champion Author Flint Posts:1,585 Points:650,740 Joined:Jul 2009	Message Posted: Oct 1, 2012 8:34:55 AM Ignore garjul Report Abuse Gas prices should NOT be this high. There is no excuse to justify it. The oil companies want us to get used to $4.00 a gallon, no matter what the price of oil is.
EMoe57 Champion Author Jacksonville Posts:4,622 Points:1,017,015 Joined:Apr 2009	Message Posted: Oct 1, 2012 8:33:52 AM Ignore EMoe57 Report Abuse yeah, sounds good, photobuddy
photobuddy Champion Author Washington Posts:1,620 Points:370,255 Joined:Feb 2012	Message Posted: Oct 1, 2012 8:31:58 AM Ignore photobuddy Report Abuse Sounds like I will have less money to spend after the fuel goes into my car. What do I cut next, maybe the car, fuel, and insurance
imforgiven Champion Author North Carolina Posts:1,651 Points:540,180 Joined:Oct 2008	Message Posted: Oct 1, 2012 8:30:47 AM Ignore imforgiven Report Abuse Ya think! I had to take money from groceries to cover gas cost. Not that Oduma cares! He and his family eat well.
DerHahn Champion Author Illinois Posts:13,715 Points:2,115,110 Joined:May 2004	Message Posted: Oct 1, 2012 8:29:09 AM Ignore DerHahn Report Abuse go 1fuelish1
kyrunner Champion Author Lexington Posts:8,982 Points:1,700,900 Joined:Aug 2008	Message Posted: Oct 1, 2012 8:28:52 AM Ignore kyrunner Report Abuse Why is it always the evil oil companies? Anyone who hates oil this bad needs to park their car NOW! Go out and buy a worthless piece of crap VOLT!
rhail2 Champion Author Kentucky Posts:1,452 Points:287,485 Joined:Apr 2011	Message Posted: Oct 1, 2012 8:27:10 AM Ignore rhail2 Report Abuse Dahhh
ace07 Champion Author Utah Posts:2,457 Points:663,675 Joined:Sep 2007	Message Posted: Oct 1, 2012 8:27:06 AM Ignore ace07 Report Abuse old.
JLSindy Champion Author Cleveland Posts:3,491 Points:674,015 Joined:Aug 2005	Message Posted: Oct 1, 2012 8:26:41 AM Ignore JLSindy Report Abuse I agree with much of what everyone says. 1fuelish1 has it right!!!!
LAMPY54 All-Star Author New York Posts:710 Points:1,905,925 Joined:Feb 2006	Message Posted: Oct 1, 2012 8:26:12 AM Ignore LAMPY54 Report Abuse See it on all our goods.
oilrobber Champion Author Miami Posts:9,644 Points:1,932,085 Joined:May 2007	Message Posted: Oct 1, 2012 8:26:06 AM Ignore oilrobber Report Abuse Dahhh....do you think. Yet OPEC still controls the price of crude.
JPGASMAN Champion Author Ohio Posts:1,529 Points:343,360 Joined:Mar 2012	Message Posted: Oct 1, 2012 8:25:31 AM Ignore JPGASMAN Report Abuse k
paoli8 Champion Author Philadelphia Posts:7,086 Points:1,821,470 Joined:Jul 2007	Message Posted: Oct 1, 2012 8:25:15 AM Ignore paoli8 Report Abuse Naturally!
netman044 Champion Author Texas Posts:6,848 Points:1,289,775 Joined:Sep 2005	Message Posted: Oct 1, 2012 8:25:01 AM Ignore netman044 Report Abuse Fuel prices have been an anchor on economic recovery for a long time.
badbonita Champion Author Syracuse Posts:6,229 Points:1,354,685 Joined:Jul 2008	Message Posted: Oct 1, 2012 8:24:12 AM Ignore badbonita Report Abuse So in order to buy the higher priced gasoline, people are saving less? I'm lucky I can save anything. The additional money for gas is likely coming from some other part of the budget - likely food.
1fuelish1 Champion Author Charlotte Posts:14,814 Points:1,854,445 Joined:Dec 2005	Message Posted: Oct 1, 2012 8:24:01 AM Ignore 1fuelish1 Report Abuse August prices were a scam. The producers tried to tell us that prices went up due to Hurricane Issac, but it barely caused a ripple in oil and distillates production. I think that the companies are keeping product off of the market and prices high to influence the elections. Congress needs to look into the Koch Brothers and other oil billionaires. They are the ones behind these ridiculous prices. [Edited by: 1fuelish1 at 10/1/2012 8:24:35 AM EST]
EVBuddy Champion Author Nevada Posts:16,695 Points:3,032,570 Joined:Sep 2004	Message Posted: Oct 1, 2012 8:23:42 AM Ignore EVBuddy Report Abuse nonsense, they have to buy less of something else, maybe less starbucks coffee
georgia2girl Champion Author Georgia Posts:10,586 Points:1,387,825 Joined:Nov 2006	Message Posted: Oct 1, 2012 8:23:23 AM Ignore georgia2girl Report Abuse Smells like a conspiracy to me.
throttle Champion Author Maryland Posts:11,982 Points:2,464,695 Joined:Jul 2004	Message Posted: Oct 1, 2012 8:23:18 AM Ignore throttle Report Abuse Figures.
lkozark Champion Author Missouri Posts:5,140 Points:1,367,585 Joined:Jul 2007	Message Posted: Oct 1, 2012 8:23:10 AM Ignore lkozark Report Abuse Nothing like having the Associated Press tell consumers what they are already painfully aware of!
Boo1989 Champion Author Atlanta Posts:7,178 Points:1,350,545 Joined:Oct 2008	Message Posted: Oct 1, 2012 8:22:54 AM Ignore Boo1989 Report Abuse "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." steven chu, obama's energy secretary.
RangerTrainer Champion Author Ottawa Posts:2,463 Points:610,420 Joined:Nov 2010	Message Posted: Oct 1, 2012 8:22:45 AM Ignore RangerTrainer Report Abuse have to cut back in other areas
BearGolfn Champion Author Twin Cities Posts:2,219 Points:550,620 Joined:May 2011	Message Posted: Oct 1, 2012 8:22:33 AM Ignore BearGolfn Report Abuse can you say... DUH
Drill4Petro Champion Author Illinois Posts:4,091 Points:1,016,160 Joined:May 2010	Message Posted: Oct 1, 2012 8:22:05 AM Ignore Drill4Petro Report Abuse The higher gas prices go up the more they vote for Obama. Stupid electorate.
maxcap59 Champion Author Texas Posts:2,776 Points:594,970 Joined:Apr 2011	Message Posted: Oct 1, 2012 8:21:18 AM Ignore maxcap59 Report Abuse I drive @ 5000 miles per month. In August, I drove 522 miles LESS than I drove in July. In August, I paid $199 MORE for gas than in July. Any wonder why I didn't have money to spend elsewhere?
Nancy&Len Champion Author Cleveland Posts:2,058 Points:1,946,790 Joined:Sep 2004	Message Posted: Oct 1, 2012 8:21:15 AM Ignore Nancy&Len Report Abuse No kidding.
BeaconLite Champion Author Ottawa Posts:1,948 Points:371,225 Joined:Sep 2009	Message Posted: Oct 1, 2012 8:21:12 AM Ignore BeaconLite Report Abuse blame it on greed for the higher spending.
nerde Champion Author Florida Posts:6,425 Points:1,315,670 Joined:Jul 2009	Message Posted: Oct 1, 2012 8:20:15 AM Ignore nerde Report Abuse OK
oldred11 Champion Author Indianapolis Posts:1,595 Points:731,250 Joined:Mar 2011	Message Posted: Oct 1, 2012 8:20:05 AM Ignore oldred11 Report Abuse You don't say!
Gassed01 Champion Author Toronto Posts:6,359 Points:1,803,765 Joined:Jan 2006	Message Posted: Oct 1, 2012 8:19:55 AM Ignore Gassed01 Report Abuse Duh. Blame Big Oil greed because crude certainly hasn't spiked like pump prices have. Don't look to Romney on this one. His Big Oil buddies want the pump prices high so they can make their millions in executive pay and bonuses.
Dennis783 Champion Author Des Moines Posts:13,599 Points:2,704,860 Joined:Sep 2005	Message Posted: Oct 1, 2012 8:19:48 AM Ignore Dennis783 Report Abuse Higher fuel prices kills the economy
nru Champion Author Twin Cities Posts:1,754 Points:984,200 Joined:Feb 2006	Message Posted: Oct 1, 2012 8:19:47 AM Ignore nru Report Abuse And why is this news?
warlord1 Champion Author Georgia Posts:5,250 Points:1,034,975 Joined:May 2010	Message Posted: Oct 1, 2012 8:19:42 AM Ignore warlord1 Report Abuse ok
jpthunderbolt38 Rookie Author Utah Posts:50 Points:19,070 Joined:Jul 2011	Message Posted: Oct 1, 2012 8:19:27 AM Ignore jpthunderbolt38 Report Abuse Duh!
wt0826 Champion Author Ontario Posts:3,731 Points:837,125 Joined:Jun 2009	Message Posted: Oct 1, 2012 8:18:32 AM Ignore wt0826 Report Abuse ok
Tnerbeel Champion Author Houston Posts:8,830 Points:1,749,810 Joined:Mar 2007	Message Posted: Oct 1, 2012 8:18:30 AM Ignore Tnerbeel Report Abuse Well, by all means let's give this bunch another 4 years.