Consumer spending dips
Pool & Spa News, Oct 1, 2004 by Bob Dumas
Increasing oil prices and a disappointing report on U.S. retail sales kept stock indexes straggling as summer gave way to autumn, according to an Associated Press report.
Crude oil futures moved upward, renewing investors' fears of a prolonged drop-off in consumer spending due to high gas prices.
Sluggish automotive sales didn't help matters, resulting in a 0.3 percent decline in retail sales in August, which was worse than the expected 0.1 percent. This led to renewed concerns that consumers still are watching their spending carefully. Analysts said job growth is needed to drive spending and improve the overall economy.
A closer look at pool and spa industry stocks shows 3M Corp. ( 3.17) and Mohawk Industries ( 2.76) as the leading NYSE gainers, while Franklin Electric led the NASDAQ, up 4.01.
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