Commerce Secretary Wilbur Ross: “Consumer Spending and Savings Rate Strong”…

Commerce Secretary Wilbur Ross appears on Fox News with Stuart Varney to discuss a change in federal hiring policy.  However, within the interview Ross notes some key economic data that has a very solid predictor value for economic growth.

Both the spending rates and the savings rates for Americans are at all time highs.  The COVID-19 lockdown has limited purchase options, leading to less initial spending; however, consumers have a lot of recent cash reserve as shown in their rate of savings.

Ross is right, within this dynamic, as soon as economic limits are removed, the spending will boost the economy very quickly.

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45 Responses to Commerce Secretary Wilbur Ross: “Consumer Spending and Savings Rate Strong”…

  1. phineas gage says:

    But that’s the problem, isn’t it? The blue state tyrants are not going to remove the economic restrictions until after the election.

    Liked by 3 people

    • FrankieZee says:

      They believe that is a winning strategy. I happen to think it will backfire big time on them. Just because people aren’t rioting on being shut down, does not mean the majority of people are pissed off about it. Trump needs to go on the offensive and be out front with the public.

      Liked by 3 people

    • Eric says:

      Exactly. They are trying to keep a lid on this until November.

      Liked by 3 people

  2. TwoLaine says:

    I was listening to Rush today on an ABC News station. They trashed TRUMP throughout the whole commercial and at the very tail end, at the very last second of their time, without any fanfare, they quickly throw out that consumer spending for May is up by double digit %.

    Liked by 4 people

  3. Magabear says:

    My favorite restaurant was open for inside seating again today, first day since the greatest plague ever to descend upon humanity closed PA restaurants down in March. Chicken parm with spaghetti…….mmmm! 🙂

    Liked by 9 people

  4. chojun says:

    Hopefully consumer spending on the rise will help boost consumer incomes.

    https://www.theepochtimes.com/consumer-spending-surges-but-income-falls-dampening-hopes-for-sharp-recovery_3403056.html

    According to the commerce department incomes have fallen on average about 4.9%. I don’t think we should ignore that statistic on account of other good news. We need sustained good news in order for things to get back to roughly normal by end of year.

    Liked by 2 people

  5. helmhood says:

    Liberals burning down liberal cities, is only going to blow back to the doorstep of the democrats.

    President Trump continues the drive the economy ahead with his positive, pro-America message. Productive work-force round table today, with his signing of the skills-based hiring Executive Order.

    Liked by 7 people

  6. Mike in a Truck says:

    Ross is a National Treasure. But the DemCong leaders want the misery to extend into November. The douche twizzel we have for a Governor here in N.C. just extended the economic recession till July 17…phase 2 or some such. Not only that- at precisely 17:00 today everyone must wear a diaper on their face…or face ,um mean words? I’m not complying. Know where this is all going? Mark my words, these Communists will next demand we all wear Burqas. Head to toe covering. Just you watch.

    Liked by 3 people

  7. Sorry, this is not on the subject, but it is what happened to me today. I already sent this to my governor, but so far no response
    .I am retired 69 year-old woman live in Houston, Texas and always was proud of my great state until today. I never worn muzzle on my face and never was forced to wear one until today.
    I needed groceries and went first to Trader’s Joe and people who work there blocked their doors with demand for me to wear muzzle, when I refused they locked their door. I left and went to Kroger: they asked to to put mask on, I refused and went inside the store, however in the store one associate approached me with an open box of masks and nicely asked me to put one on. I had a choice: to die of hunger (I live alone) since all the groceries stores in Houston would’t allow customers to shop for food without nozzles or put one on. I cannot afford to order groceries.
    So I chose life with maxi pad on my face. I am still very upset about what was forced on me.
    I left USSR in 1978, so my 2-year-old will grow up in the free country…And this scamdemic was devised so it would be mail in votes, which will be changed to the pupped chosen by evil globalists, who want to erase history and culture individual countries.

    Liked by 12 people

    • Deplorable_Infidel says:

      “I am still very upset about what was forced on me.:

      FIGHT BACK! Print these out. They have worked for me everyplace in Buffalo/WNY except a hospital. I was told “next time I have to wear a mask, since i could not get a doctor to sign it (re: tyrant Cuomo & state licensing)

      Also/Or:

      Carry small scissors with you. If they give you a mask to put on at the door, put it on. when you get inside, cut out most of center, just leaving edge and strings.

      I am going to cut out some centers and staple/silicone in some white garlic mesh that the 3 packs of garlic cloves come in, for when I have to return to hospital for colonoscopy, etc.

      There are NO standards specified that these mental midgets “require”, etc.

      Liked by 5 people

    • Augie says:

      You can get Trump2020 masks on the interwebs. Aside from that, here’s a good article on the INeffectiveness (and possible danger) of masks for the general public. It’s written by an anesthesiologist of 36 years.

      https://www.americanthinker.com/blog/2020/06/what_good_do_the_masks_do_really.html

      Like

      • Thank you. But its not a problem of where to get my president masks.
        It is below my dignity to be made to wear one. We don’t have Sharia law in this country yet…I don’t want to cover my face while being a citizen and living in USA.

        Like

        • Deplorable_Infidel says:

          “I don’t want to cover my face while being a citizen and living in USA”.

          I did a study on the 444x the word “face” occurs in the KJV bible. I only found two instances where covering of the face did NOT have a negative connotation.

          When Moses came down from the mount and Rebekah in the caravan, before she was given to Issac in marriage.

          Like

    • Joyce M says:

      elena1950909deplorable so sorry for your experience! Thank you for sharing it. Perhaps you could share it with the Manager of your local Kroger store? At least they were kind while robbing you of your freedom of choice!

      Like

  8. Publius2016 says:

    Exactly why DIMMS are screaming 2nd Wave!

    Hey Dimms, I got your 2ns wave right here!!

    Tell you what, stop sending your infected FAKERS to every Costco for testing ok???

    Wish SCIENTISTS WOULD TELL PEOPLE THE TRUTH: Wuhan 400 is contagious like the common cold and guess what, YOU CAN GET IT AGAIN!

    REAL VACCINE IS A PIPE DREAM!

    Like

    • Ordinaryman says:

      What is the source of the data that support your statements? I had Covid in March and have been working with other Covid patients the past two months and I have not had any re-infection and I have a high antibody level.

      Like

  9. unconqueredone says:

    While this is overall good, I think one of the new goals of the D’s is to force Trump to error, win the WH and take credit for the incredible economy they will claim to have created.

    Like

    • Publius2016 says:

      if Sleepy Joe sniffs the WH, there will be a rush for every exit in USA!

      unlike 45, Dimm Policy is open borders, confiscation, and Globalist Agenda 21 Regulations…

      Only thing going up with Dimms in power would be beautiful Italian Villas where you could spend the rest of your days in solace!

      Liked by 1 person

  10. Ozark says:

    What happened to the markets today? Took a dive.

    Like

    • helmhood says:

      End of the week sell off from yesterday’s gains, stoked by irrational chinese virus fears.

      But day to day irrationality does not propel the market, or else we wouldn’t be setting new records.

      Liked by 2 people

  11. Robster says:

    Federal Reserve money printing + PPP + COVID-19 lockdown limited purchase options = INFLATION

    Like

    • Eaglet says:

      You mean like the unaccounted for “Tarp” money…in Obama Ville. I only mention this to keep it real as I do not recognize you nick posting here before…You know what I mean of course 😉

      Like

  12. crikey9 says:

    We cannot fall for Corona Hoax Lockdown II

    Like

  13. bessie2003 says:

    Earlier today, while others were watching the Wuhan virus task force or the NASA spacewalk, this live event popped onto my screen, it starts about 30 minutes in, is a meeting of the American Workforce Policy Advisory Board Meeting, headed by Sec. Ross and Ivanka Trump, Treas.Sec. Mnuchin, Sec. of Labor Scalia, Larry Kudlow, and other Cabinet members along with some top industry leaders were there, talking about the work done to re-arrange hiring priorities from college degrees as a main choice with skills and experience to hold equal importance. Toward the end, it breaks at around the 2 hr 15 min. mark and restarts around the 2 hr 28 min. mark is when President Trump comes in and signs an Executive Order.

    Both Sec. Ross, and Mr. Kudlow, actually all the speakers, make some great observations:

    Like

  14. sarasotosfan says:

    Stick free money in the hands of people while paying them to not work and guess what happens?

    Like

  15. uselogic19 says:

    Well, we’ve got this good news.

    And then Ron DeSantis caves to media pressure and a BS narrative, banning alcohol sales in FL bars again. Shades of the 3rd week in March. Deaths are still declining, testing is up over threefold…hence increased cases. C’mon, Ron, have some stones. Our unemployment will skyrocket again.

    Like

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