Energy

Consumer Spending Down in March 

Falling home prices and rising unemployment claims continued to put downward pressure on the Deloitte Consumer Spending Index in March. The index, compiled by Deloitte LLP “as an indicator of future consumer spending,” found that rising energy prices countered much of the recent growth in real wages and put many consumers on spending sidelines last month. The drop in consumer spending may indicate hesitance from prospective home buyers to seek purchase money from mortgage originators while home prices continue to fall.