Record U.S. Gun Checks Show Economic Doubts: Chart of the Day
Americans are telling a “less upbeat story” about the economy’s prospects as they attempt to buy guns in record numbers, according to Nicholas Colas, chief market strategist at BNY ConvergEx Group LLC.
The CHART OF THE DAY shows the average monthly number of background-check applications increased to 1.25 million in the 12-month period that ended in March, according to data compiled by the Federal Bureau of Investigation. The figure has been setting records since January.
Spending on guns, ammunition and other sporting equipment rose 9.9 percent in the 12-month period that ended in February after adjusting for inflation, according to U.S. Commerce Department data. The increase was almost four times faster than the 2.5 percent rise in all personal consumption expenditures.
In this year’s first quarter, the FBI’s National Instant Criminal Background Check System processed 4.25 million requests on prospective gun buyers. The total increased 16 percent from a year earlier. The law-enforcement agency started its current tracking system in 1998.
The FBI is likely to carry out more than 15 million checks in all of 2011, Colas wrote. The projection is at least 4 percent higher than last year’s 14.4 million, and would amount to the seventh straight annual record.
To contact the reporter on this story: David Wilson in New York at dwilson@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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