Income Growth
“Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit,” the Fed said Nov. 3, when it announced it would buy an additional $600 billion of Treasuries through June. Progress toward fulfilling its mandate for maximum employment and stable prices has been “disappointingly slow,” the statement said.
Share prices of home-improvement stores and other retailers reflect uneven gains in consumer spending, which rose 3.7 percent in September from a year earlier.
The S&P 500 Home Improvement Retail Index, which consists of Home Depot & Lowe’s, has climbed 10.8 percent since Aug. 31, trailing the 28 percent increase in the S&P Supercomposite Department Store Index, which includes retailers such as Nordstrom Inc. and Saks Inc.
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