Consumers boost local economy

Posted 11/7/19

Congratulations, Lexington County consumers.

You are propping up our economic growth.

Local families increased spending through the 1st 9 months of the year, according to the US Commerce …

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Consumers boost local economy

Posted

Congratulations, Lexington County consumers.

You are propping up our economic growth.

Local families increased spending through the 1st 9 months of the year, according to the US Commerce Department which said:

• Household spending rose 0.2% in September from August. Consumption is helping the economy but less than it did last year.

• A modest rise in labor costs helped keep inflation low in September.

After last year’s boost from lower taxes, consumer spending has slowed.

The Federal Reserve’s inflation gauge fell 0.01% in September from August.

Federal Reserve interest-rate cuts have stimulated buying of pricier, long-lasting goods as borrowing costs fell. In September, consumer spending on so-called durable goods rose 0.4% from a month earlier. Mortgage applications and new home sales also picked up in recent months.

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