Deloitte Consumer Spending Index Rises in June
July 22, 2013,
NEW YORK-With home prices rising and initial unemployment claims trending down, the Deloitte Consumer Spending Index rose to 4.3 in June from its 4.2 reading in May.
Real new home prices were up 9.2 percent from June of last year to $113,833, and initial unemployment claims were down almost 7 percent from May 2012 to May 2013. Hourly real wages, at $8.81, were relatively flat. The tax rate was up from last year and now stands at 12 percent.
Daniel Bachman, Deloitte's senior U.S. economist, noted that both housing and employment "have regained their footing since last year. Consumers appear to have adjusted to the effects of higher tax rates and the sequester, which has also helped to sustain household spending."