Where Did Americans Spend Their Money - Essay Example

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This research is being carried out to evaluate and present Jeffrey Sparshott’s ground-shaking findings in the article titled “Where Did Americans Spend their Money in May.”…
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Where Did Americans Spend Their Money
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Letter to the Editor
Dear Editor
I would like to thank Jeffrey Sparshott for his ground-shaking findings in the article titled “Where Did Americans Spend their Money in May.” Without Sparshott’s findings, it would not have been possible to realize that the level of spending among consumers in the U.S. has risen, leading to increased sales in the country. This rise has taken place irrespective of the contraction the American economy witnessed during the first quarter of 2015. In his findings, Sparshott reveals that restaurants and retailers witnessed a sales rise of 1.2 percent in June compared to the previous month. The big vehicle sales also helped boost level of economic growth. Dealers of motor vehicles and spare parts indicated that they witnessed a 2 percent rise in June compared to May. Even with the elimination of auto sales, gains were broad based, as they still reflected a 1 percent growth (Sparshott).
Furthermore, the cheap prices of gasoline have provided Americans with a windfall, although in recent months they are more motivated to saving rather than spending. In May, however, gasoline stations witnessed their ultimate leap since 2012, although Americans ignored the move. They directed their earnings to gardening and building materials, non-store retailers, and clothing stores. Thus, based on the growth in sales in the recent months, I have realized that Sparshott has effectively shown the way the American economy is shifting from the harsh weather witnessed during the first quarter of the year. This is because the present figures are revealing strong growth in payroll real income. This way, I hope the country will be able to reverse the contraction it witnessed during the first quarter of 2015 (Sparshott).
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Sparshott, Jeffrey. Where Did Americans Spend Their Money in May? Wall Street Journal, 11 Jun 2015. web. 12 Jun 2015. . Read More
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