Economy Is Being Held Hostage to Job Growth: Lebas

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Dec. 4 (Bloomberg) -- On today's "Chart Attack," Janney Montgomery Scott's Guy Lebas and Bloomberg's Adam Johnson take a look at U.S. consumer spending. They speak on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Time for chart attack that will show you a chart that will make you smarter.

They are making more but also spending less.

Bring the camera in here.

A couple of trends here, this is pre-global financial crisis.

Spending growth was made up of payroll growth, wage increases, and borrowing.

We have the recession and we have seen a couple of things.

It wage growth has slowed and americans have had a more consistent savings rate.

Future spending growth drives a huge portion of the economy.

It will be entirely contingent -- the increases in jobs will probably be for many years to come.

It is not just people making more, you need more people making something.

Consumer balance sheet deleveraging, that means, at the end of the day, not spending 100% of your income.

That has ended, but the cultural shock are really still with us.

It is good that we have all sort of -- it provides long-term investment to the economy.

This text has been automatically generated. It may not be 100% accurate.

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