Consumer spending down, tax increase to blame

[DrLeftover]

Thu Aug 15, 2013 7:49am EDT

(Reuters) - Wal-Mart Stores Inc (WMT.N) posted disappointing quarterly U.S. sales on Thursday as shoppers pinched by higher payroll taxes and gas prices made fewer trips to its stores, and the discount retailer lowered its revenue and profit forecasts for the year.

Sales at stores open at least a year fell 0.3 percent at Walmart U.S, the company's biggest unit. Wall Street analysts were expecting a 1 percent gain, according to Thomson Reuters I/B/E/S. Traffic fell 0.5 percent.

http://www.reuters.com/article/2013/08/15/us-walmart-results-idUSBRE97E0HA20130815

Remember, the backbone of the US economy is consumer spending.

 

[DrLeftover]

Did you get another speeding ticket?

"in other news..."

15 Aug 2013

Stocks finished near their session lows Thursday, with the Dow dropping more than 200 points, as bond yields jumped to their highest level in two years and as the market continued to gauge when the Federal Reserve might start to reduce its asset purchases.

The major indexes posted their biggest two-day losses since June. Meanwhile, the 10-year Treasury yield jumped to 2.82 percent, its highest level in two years, before pulling back to 2.75 percent.

http://www.cnbc.com/id/100965138

Meanwhile, Mr. Obama has an idea that will help- more taxes:

August 15, 2013

Obama wants to tack on $5-a-year phone tax to fund high-speed Internet in schools - critics blast 'end run' of Congress and 'endless expansion of program at the expense of rate payers'

http://www.nypost.com/p/news/national/obama_celling_out_UtCvorWrEsMDxEheVWEmKO