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While buying power is reduced for some, others may find consumer credit counseling can help deal with falling wages
By Angela Hawke on Feb 10th, 2010
As the growth in wages slows down, so might the chance that consumers spend money in the market, as is indicated by a recent index released from Deloitte.
The company's Consumer Spending Index dropped to 4.31 percent after being at 4.64 percent a month ago. In order to calculate the index, Deloitte takes into consideration four things: tax burden, real wages, real home prices, and initial unemployment claims.
Carl Steidtmann, chief economist with the firm, said that real wages were competing against rising costs for energy, which is one reason why the index fell.
"The weakness in real wages, however, is being offset by the small but sustained decline in the average tax rate, steady improvement in home prices, and notable improvements in the number of initial unemployment claims," Steidtmann said.
While consumers may have a hard time justifying spending in the face of declining buying power, others may find it that they are having problems keeping up with the debt they already have.
However, those people may consider going to a consumer credit counseling agency, which can help them set up a budget that may carry their dollar farther.
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