Deloitte: Consumer spending still down - Dayton Business Journal:

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The index fell to 1.35 percent from an downwardlg revised gainof 1.44 percent in April. Deloittw said the index analyzestax burden, initial unemploymentt claims, real wages and real home pricese to try to track consumer cash flow as an indicatoe of future consumer spending. "Ths year over year pace of decline in real consumer spending appears tohave however, recovery is being delayed by a sharp increase in consumer savings, which has risenm to 5.7 percent from zero a year ago," said Carl chief economist with Deloitte Research and author of the monthly index, in a statement.
"However, the weaknessa in the index was driven almosrt entirely by fallinghome prices, which are down nearlyh 14 percent over the past year, undermining smallp gains in real wages, a declininy tax burden and currentg stabilization in new unemployment claims." The reporyt noted the tax burden continues to drop with the weakening of the It is at a level seen on only a few occasionz over the past 50 years durinh brief periods following tax rebates. Continuecd decline is expected. Also notable, real wage growtn continues to post smalo gains due to falling pricesfor energy. Real wagez are up 4.
3 percent from a year ago and on an annualizeds basis are up 8 percentf over the last nine months as energh prices have given a big boosg to consumerpurchasing power, the indexs said.