{"id":427,"date":"2006-10-31T16:16:00","date_gmt":"2006-10-31T23:16:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=427"},"modified":"2010-01-22T19:09:43","modified_gmt":"2010-01-23T03:09:43","slug":"retail-spending-spikes-in-washington","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/10\/31\/retail-spending-spikes-in-washington\/","title":{"rendered":"Retail Spending Spikes In Washington"},"content":{"rendered":"

Seattle Times writer Melissa Allison seems a bit too<\/i> excited about today’s report that retail spending in Washington State grew by 10.5% from spring ’05 to spring ’06<\/a>.<\/p>\n

Those were the days, back in the spring when the flowers bloomed and the housing market sizzled.<\/p>\n

Washingtonians had such confidence last spring that they spent with abandon on computers, hotel rooms, jewelry and other items.<\/p>\n

They spent 10.5 percent more than they had a year earlier, the largest increase for taxable retail sales in Washington since 1990, according to April-to-June data released Monday by the state Department of Revenue.<\/p>\n

Rising gas prices didn’t wreck the mood and are not included in the retail-sales data.<\/p>\n

Economists say the spending has calmed since then, doused by a slowdown in the housing market and slower employment growth.
…
The state’s economic growth and therefore the spending are propelled by employment gains, particularly in high-wage sectors such as aerospace, software and construction, Sohn said.<\/p><\/blockquote>\n

So, the spending is “propelled by employment gains,” but when it “calms” it’s because of a slowdown in the housing market? What a delightful contradiction. I fail to see how a 10.5% retail spending increase can be attributed to “employment gains.” Were 10.5% more jobs added? Did everyone get a 10.5% raise? Smells like false assertion to me. I think it’s much more likely that the spending increase is primarily the result of home equity extraction and a declining savings rate.<\/p>\n

Maybe it’s just me, but the news that people are spending increasingly more as incomes stay practically flat doesn’t seem like something to celebrate.<\/p>\n

(Melissa Allison, Seattle Times<\/a>, 10.31.2006<\/i>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Seattle Times writer Melissa Allison seems a bit too excited about today’s report that retail spending in Washington State grew by 10.5% from spring ’05 to spring ’06. Those were the days, back in the spring when the flowers bloomed and the housing market sizzled. 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