The Economic Minute: Auto sales clue to consumer spending mood

Sluggish consumer spending has been a prime job-killer in Arizona during what’s come to be known as the Great Recession, according to economist Dennis Hoffman, director of the L. William Seidman Research Institute. During the Economic Minute, a feature of the monthly Economic Club of Phoenix luncheons, Hoffman dissected consumption patterns going back to the 1980s. While spending is still below what might be expected given the historical trend, it is nevertheless creeping upward. Driving that increase, Hoffman said, is automobile sales.

Sluggish consumer spending has been a prime job-killer in Arizona during what’s come to be known as the Great Recession, according to economist Dennis Hoffman, director of the L. William Seidman Research Institute. During the Economic Minute, a feature of the monthly Economic Club of Phoenix luncheons, Hoffman dissected consumption patterns going back to the 1980s. While spending is still below what might be expected given the historical trend, it is nevertheless creeping upward. Driving that increase, Hoffman said, is automobile sales. Dennis Hoffman's Slides