Gee, if people can't afford to buy houses, they also won't be buying major appliances to put in them. Who knew?
Shipments of major household appliances in the U.S. slumped 9.6% last month, underscoring the weakness of domestic consumer spending despite the brisk trading seen around Black Friday.Funny how whenever you find a real economic indicator that isn't subject to government or media spin and manipulation, that statistic always seems to be pointed down.
The decline is the biggest seen since the end of tax breaks on some appliances, and shipments in the so-called Big Six categories--washers, dryers, dishwashers, refrigerators, freezers, ranges and ovens--fell by 12% from a year earlier in the four weeks to Nov. 26.
The data were released Thursday by the Association of Home Appliance Manufacturers, an appliance-industry trade group.
Big manufacturers such as Whirlpool Corp. and Electrolux AB have in recent weeks cut jobs and output because of weak sales, which reflects the continuing softness in the residential housing market.