NEW YORK — A week of mixed economic news, which mostly centered on the value of the U.S. dollar, as well as rising and falling crude oil prices, pushed the WWD Composite Stock Index down 1.1 percent to 1150.02 on Friday from 1163.01 last week.
The S&P 500 finished the week down 0.3 percent to 1188 from 1191.17.
Over the past month, the WWD Composite Stock Index has struggled as investors continue to fret over consumer spending. But there may be some good news on the way.
Deloitte Research’s Leading Index of Consumer Spending showed an increase in the November reading, as falling oil costs and rising real wages are expected to have a positive impact on business.
“Declining real wages have weakened consumer spending throughout much of 2004, but falling oil prices are expected to increase real wages and consumer purchasing power in the new year,” the research report stated.
“Discount retailers have not performed as well as anticipated throughout this holiday season because of low real wages, but they should see a turnaround in the coming months as falling oil prices lead to lower prices at the pump, putting more cash into consumers’ pockets,” said Carl Steidtmann, Deloitte’s chief economist. “Strong income growth will continue to drive robust retail sales for luxury retailers this holiday shopping season.”
Speaking of luxury, the fight against counterfeits takes a turn this week. Partnering with the International AntiCounterfeiting Coalition, Harper’s Bazaar magazine is set to launch a telephone tip hot line on Dec. 15 to encourage consumers to report suspected fraudulent goods.
Consumers can call 1-866-NOTFAKE and leave a message regarding what they believe may be counterfeit items. They can choose whether to leave contact information. Bazaar staff will listen to messages each day and follow up, if deemed necessary, by notifying police investigators in the U.S. or Europe.
“The public doesn’t know what’s wrong about buying counterfeit goods,” said Bazaar spokesman Jason Lundy. “If we get one great bust out of it, it’s worth it.”
The idea for the tip line was spawned about nine months ago in part by Bazaar publisher Valerie Salembier, who is an advocate of anticounterfeiting measures and is “very close with the [New York] police,” Lundy said.
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A related summit hosted by Bazaar and the IACC will take place here on Feb. 1 at the Mandarin Oriental Hotel, with a keynote address by New York City Police Commissioner Ray Kelly, said Lundy. About 100 chief executive officers and general counsels, mainly from luxury goods retailers, are expected to attend.