CNBC reports that the newly-released Porsche 911 GT2 RS (that's a cool $329,000, for those of you who are in the market) sold out within two months of its debut.
Without getting into all the numbers, I'll just say that this car is really, really fast and really, really pretty. Apparently people like that. For a little tasty check out this video with intense German narration.
So during a (non) recovery, why were so many people wiling to spring for a $329,000 toy?
Well, the same article quotes a report by economist Neil Dutta, which found that luxury spending is up for several reasons, one of them being that "post mid-terms, if Republicans don’t capture the Senate, taxes for the wealthy are likely to go higher for investments, estates and income."
“We see several reasons for optimism about spending on luxury items,” wrote Dutta, saying that higher savings, less exposure to housing, rising equity investments, and a tighter job market for the college-educated create “a secular story that bodes well for those catering to upper income earners.”
In related news, millionaire optimism hit a 3-year high this month.
At least someone's feeling good.
Thursday, October 28, 2010
Tuesday, October 5, 2010
Personal Income Fell For New Yorkers
From The Economic Times:
The recession put a 3.1 per cent dent in the personal incomes of New York state residents, who endured their first full-year decline in more than 70 years, according to a report released on Tuesday. Paychecks or net earnings tumbled 5.4 per cent, while dividends, interest and rent slid 8.4 per cent, to a grand total of nearly $908 billion, the state comptroller's report said.
Not only did New Yorkers' personal incomes fall "almost twice" as much as they did in the nation as a whole, but they have yet to recover to pre-recession levels, Comptroller Thomas DiNapoli said. The drop occurred even though the job-destroying recession was milder in New York than in the rest of the country. One reason for the hit to New Yorker's pocketbooks is Wall Street's dominance among the state's employers; pay and job security are often highly volatile in the securities industry.
The recession put a 3.1 per cent dent in the personal incomes of New York state residents, who endured their first full-year decline in more than 70 years, according to a report released on Tuesday. Paychecks or net earnings tumbled 5.4 per cent, while dividends, interest and rent slid 8.4 per cent, to a grand total of nearly $908 billion, the state comptroller's report said.
Not only did New Yorkers' personal incomes fall "almost twice" as much as they did in the nation as a whole, but they have yet to recover to pre-recession levels, Comptroller Thomas DiNapoli said. The drop occurred even though the job-destroying recession was milder in New York than in the rest of the country. One reason for the hit to New Yorker's pocketbooks is Wall Street's dominance among the state's employers; pay and job security are often highly volatile in the securities industry.
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