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Gas prices cut into consumer spending Atlanta, GA

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Gas prices cut into consumer spending

bisinessman analyzing data

Although retail sales numbers increased last month for the tenth straight month, several details about that jump are giving economists pause. The increase was the smallest such rise in nine months, and was largely composed of spending at gasoline stations instead of at retail stores. This means that cash-strapped consumers are spending their money on necessities, such as gas, groceries, and house and car loans, rather than luxuries like clothing, household furnishings, and appliances or other big-ticket items.

According to federal data from the United States Department of Commerce, retail sales increased by 0.5 percent in April, less than the predicted increase of 0.6 percent. When gasoline receipts are removed from the tally, however, retail sales only increased by 0.2 percent last month.

With the 24 cent per gallon increase in gas prices from March to April, it is not surprising that Americans are diverting their funds to fill up their gas tanks, instead of spending their money at the mall or the movie theater. In fact, Commerce Department reports show that Americans spent approximately $8 billion more at the gas pump in April than they did during the same month last year. The increase in gas prices comes at the same time as an unprecedented rise in food costs, stretching many household budgets even tighter than before.

However, this may change in the next few months. Gas prices are expected to fall significantly in the coming weeks, which economists hope will alleviate some of the pressure on families in Georgia and throughout the country. Because consumer spending accounts for nearly 70 percent of economic activity in the country, a reduction in gas prices is expected to play a significant role in economic recovery.

Source: Reuters, “Gasoline prices pinch consumers in April“, Lucia Mutikani, 12 May 2011

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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