Dropping Shopping; Consumer Spending  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 406 no. 8826 (Mar. 2013), page 51-52.
Topik: Consumer Spending; Recessions; Wages & Salaries; Consumption; Gross Domestic Product--GDP

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.75 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Henry Ford said that it was customers, not employers, who really pay workers' wages; employers merely look after the cash. Ford also thought economies did best when workers could afford to buy the goods that they make. These old American ideas do a good job of explaining Britain's consumer slump. Digging into a typical household's accounts suggests when it might end. Spending by private households is the biggest slice of GDP, accounting for 63% in 2012. It has been remarkably weak, even by comparison with previous recessions. During the boom years income and outgoings moved in ways that made household finances glow. Average weekly earnings grew at 4% a year between 2001 and 2007, while prices went up by just 2% a year. Workers' buying power increased steadily and strong private consumption underpinned rising GDP. But in 2008 the numbers flipped. Since then pay increases have been 2% a year, price increases above 3%. Workers' cash buys less and less.

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