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Americans Reduce Spending
Americans Reduce Spending

The U.S. Commerce Department reported Friday that during October, for the first time in five months, Americans reduced personal spending as wage growth and income remained flat. For October, personal spending fell a seasonally adjusted 0.2% - its first decline since May - after rising 0.8% during September. At an annual rate, Hurricane Sandy was reportedly responsible for reduced wages and salaries to the tune of over $18 billion. The savings rate of Americans remained near a five-year low since spending fell compared to income growth which edged higher to 3.4% from 3.3%. During October, inflation remained subdued. Overall, the CPE price index rose 0.1% and core rate, which excludes food and energy, fell 0.1% as well. Over the past 12 months the core rate is up 1.6%. As reported by Commerce, consumer spending rose a revised 1.4% instead of original report of rising 2%, during Q3. For 2012, Q4 is unlikely to match the 2.7% growth rate of Q3 unless consumer spending accelerates. Defense spending and a corporate buildup in inventories generated the largest boost in growth for Q3. Although consumer confidence hit a four year high, income and weak job market suggest American will remain cautious spenders during the holiday season. Disposable income – money left over after people pay taxes and other fees - fell 0.1% during October. In the past 12 months, disposable income has risen 1.2%, down from 1.6% in September. Spending during August was revised down to a 0.3% increase from 0.5%.

As the month of November comes to a close Friday, NASDAQ was successful at hosting a record positive November not seen since 2009.

Zynga (ZNGA) shares ended the trading session Friday down 6% after an announcement on Thursday of several changes in terms with Facebook (FB). While Zynga relies heavily for a majority of its revenue and traffic - on consumers using Facebook to play their games such as “CityVille” and “Mafia Wars”, in a regulatory filing, the company said it is no longer under obligation to use Facebook credits for payments on its own Zynga.com gaming platform, and that Facebook will now be able to develop its own games.

A new deal to keep operating the registry with the U.S. government, VeriSign (VRSN) shares ended the trading session lower by 13% on Friday. The domain-name registrar said it would be limited in raising prices due under the new agreement with the Department of Commerce and can serve as the registry operator for the next six years. VeriSign no longer has the right to four automatic price increases of up to 7%. Any price increases have to be “limited to circumstances based on the imposition of new Consensus Policy or extraordinary expenses related to security or stability threats,” and the Commerce Department must sign off on them. Current pricing of $7.85 per domain name registration from VeriSign will continue throughout the term, although Commerce could remove price restrictions entirely, if the company can demonstrate they are no longer warranted.
 

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Nov 30, 2012


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