The economy has been well on its way to recovery over the last several months, and nothing is more indicative of this than recent findings on consumers spending. The Commerce Department found spending rose 0.8 percent in February, with much of the rise thanks in large part to auto sales, Reuters reports.
The report is yet another reason to feel optimistic given that spending rose a bit more than economists had predicted. Before February, most had anticipated about a 0.6 percent gain, and although it is not that much higher than the forecast, it is still an encouraging sign and the biggest increase since September.
Perhaps the most quickly-rising segment of consumer spending is auto sales. In particular, analysts found that car purchases in February rose 10 percent compared to the same month in 2011, and Edmunds.com suspects the trend will continue into March. According to The Wall Street Journal, the website believes that auto sales will grow 17 percent compared to March 2011.
."Vehicle trade-in rates have achieved sustained highs in recent months, which suggests that consumers have decided that they've held onto their cars for too long," Edmunds analyst Jessica Caldwell told the newspaper.
Anybody looking to contribute to the growing trend may want to head to New Jersey State Auto Auction. In addition to offering consumers a wide variety of makes and models at affordable prices, NJ Auto is also an Autotrader.com Trade In Marketplace Dealership, so it can be easy to take advantage of the high trade-in values. Additionally, you can get a quick appraisal of your vehicle to speed up the process.