Consumer spending slows down

first_img160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! On Wall Street, the Dow Jones industrial average fell 58.03 points to close at 13,062.91. But even with the loss on the final trading day of the month, the Dow still posted a 5.7 percent gain for all of April, its best performance since April 2003, as investors put aside worries about weak economic growth to focus instead on strong corporate earnings reports. The weaker-than-expected consumer spending report on Monday added to worries that the economy could be in danger of stalling out if consumer confidence falters further in the face of rising gasoline prices and a slumping housing market. “Unless spending posts unusually large gains in May, the second-quarter consumption number is practically guaranteed to be awful,” said Stephen Stanley, chief economist at RBS Greenwich Capital. He predicted that consumer spending will rise at an annual rate of around 1 percent, far below the 3.8 percent rate of spending growth in the January-March quarter. Stanley said such a sluggish growth rate for consumer spending, which accounts for two-thirds of total economic activity, will translate into overall economic growth as measured by the gross domestic product of slightly above 2 percent in the current April-June quarter. A second report Monday showed that construction spending edged up a slight 0.2 percent in March. Spending on housing fell for an 11th month out of the past 12, but this was offset somewhat by increases in spending on hotels and other nonresidential projects and on government construction. In addition, construction activity in February was revised up significantly to growth of 1.5 percent, five times the initial estimate of 0.3 percent growth. WASHINGTON – Consumer spending rose at the weakest pace in five months in March as a surge in gasoline prices left shoppers with little left over for other items. The Commerce Department reported Monday that consumer spending on all items was up 0.3 percent last month, the slowest increase since a similar rise in October. That lackluster gain came even though personal incomes rose by a healthy 0.7 percent last month. The spending performance in March was even weaker when the effects of higher gasoline prices were removed. After adjusting for price increases, consumer spending actually fell by 0.2 percent in March, the poorest showing since September 2005 when the economy was suffering the aftershocks of Hurricane Katrina. “People spent more in March but may be enjoying it less as the rising price of energy is cutting into what they actually take home,” said Joel Naroff, chief economist at Naroff Economic Advisors, a private consulting firm. last_img read more

Pune BJP MP faces cheating case

first_imgPune: The Pune police have lodged a case of cheating against prominent real estate developer and Bharatiya Janata Party (BJP) MP Sanjay Kakade in a matter pertaining to rehabilitation of villagers in Maval taluk.An FIR under Sections 406 (punishment for criminal breach of trust), 420 (cheating), 465 (forgery), 467 (forgery of valuable security, will) and 468 (forgery for purpose of cheating) of the Indian Penal Code was lodged against Mr. Kakade, his brother Suryakant Kakade and others at the Warje-Malwadi police station Saturday night. Last week, Judicial Magistrate First Class P.T. Gotey had directed that a case be lodged against the Rajya Sabha MP.The Maharashtra government, in the 1960s, had acquired land from villagers of New Kopre for construction of the National Defence Academy. Families displaced by the project were promised rehabilitation on a 14-acre plot in Warje-Malwadi through a building project led by the Kakade Group.However, villagers have accused Mr. Kakade of grabbing the plots, forging 7/12 extracts, and using the land for commercial purposes.‘A conspiracy’Mr. Kakade said the allegations were “a conspiracy” against him, denying any wrongdoing in the New Kopre rehabilitation works.Kakade Infrastructure Pvt. Ltd is also one of the accused in alleged irregularities in the tender for Sion-Panvel highway. In June, officials from the anti-corruption bureau (ACB), Thane, carried out searches at Mr. Kakade’s office in Pune. He is also an accused in the Maharashtra Sadan scam involving Nationalist Congress Party (NCP) leader Chhagan Bhujbal. Mr. Kakade is accused of abetting Mr. Bhujbal to launder money.Vital role in pollsThe MP was earlier in the NCP, before being elected as an independent candidate to the Upper House and later joining the BJP. He is believed to have played a vital role in ensuring the BJP’s victory in the Pune civic polls. However, he has alienated himself from BJP loyalists like Girish Bapat and Pune Mayor Mukta Tilak.last_img read more

SMB survives KIA scare

first_imgLATEST STORIES MOST READ Families in US enclave in north Mexico hold sad Thanksgiving Typhoon Kammuri accelerates, gains strength en route to PH Don’t miss out on the latest news and information. Pussycat Dolls set for reunion tour after 10-year hiatus Leo Austria, SMB wary of ‘more experienced’ Hotshots ahead of PBA Finals rematch PLAY LIST 01:33Leo Austria, SMB wary of ‘more experienced’ Hotshots ahead of PBA Finals rematch01:28’Walang bigayan’: Expect all-out war between sister teams Magnolia, San Miguel00:50Trending Articles01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City “It could have been a disaster for us,” said Austria, who missed June Mar Fajardo and Alex Cabagnot. “It was not a good sign for us going into the playoffs, but fortunately we got the win and the incentive.”Lassiter finished with 22 points, including a triple with 47 seconds remaining that tied the game at 106. Getting a bounce pass from Chris Ross off the sideline inbound, Lassiter banked in from just under the basket to save the Beermen’s blushes.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutout“It’s good to have guys like Marcio and Chris who know how to play together,” added Austria, whose team led 89-63 late in the third period.The Picanto seemed poised for an upset when former San Miguel guard Rashawn McCarthy gave them a 104-103 lead. Glenn Khobuntin attacked the paint to extend the lead to 106-103 with 62 seconds left. Read Next LOOK: Iya Villania meets ‘Jumanji: The Next Level’ cast in Mexicocenter_img Alaska climbs to third spot, denies Rain or Shine of twice-to-beat AFP official booed out of forum Brace for potentially devastating typhoon approaching PH – NDRRMC John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Google honors food scientist, banana ketchup inventor and war hero Maria Orosa Marcio Lassiter saves the day for San Miguel. PBA IMAGESMarcio Lassiter rescued San Miguel Beer from what coach Leo Austria described as a disaster, knocking in a layup with 1.8 seconds remaining as the defending champion Beermen escaped with a thrilling 108-106 victory over KIA Picanto Friday night in the PBA Philippine Cup at Smart Araneta Coliseum.The Beermen nearly wasted a 26-point lead in the second half before Lassiter bailed them out with five points in the final minute that helped San Miguel secure an eighth win in 10 games and a twice-to-beat advantage in the quarterfinals.ADVERTISEMENT Later, Vic Manuel and JV Casio sparkled in crunchtime as Alaska dealt a huge blow to Rain or Shine’s bid for a twice-to-beat bonus by hammering out a thrilling 99-95 victory.Rain or Shine needs to sweep its remaining games against San Miguel and Barangay Ginebra to stay in the hunt for the remaining quarterfinal bonus. View commentslast_img read more