Survey shows drop in spending power

Spending power continued to decline last month, a survey has showed, although there were signs that the squeeze on household incomes was starting to ease.

Discretionary spending power fell by 0.3% in May, the Lloyds TSB spending power report said, which on average equates to almost £34 a month less than a year ago to spend on non-essential items.

However, growth in essential spending eased, suggesting consumers could be starting to feel the effects of falling inflation. The consumer price index (CPI) fell to 3% in April, from 3.5%, in March, and is expected to fall further in figures released this week.

The decline in spending power, after inflation, illustrates that conditions for consumers remain tough largely due to weak income growth, Lloyds TSB said.

Patrick Foley, chief economist at Lloyds TSB, said: "Weak income growth and stubbornly high inflation is ensuring that the squeeze on consumers is remaining in place longer than many thought it would.

"Growth in spending on essentials is now showing signs of moderating, which is positive. But the weakness in income growth is severely limiting the benefits for consumers."

Some 79% of people believe the current level of inflation to be "not good" or "not at all good", compared with 85% in April and 83% in May last year, Lloyds said. But greater affordability of essential items was a key factor in limiting the squeeze on consumers in May, Lloyds added, with annual growth slowing across nearly all measures.

Household finances showed some improvement in May, Lloyds said, with 54% of survey respondents stating that they lived comfortably or meet their bank or current account outgoings with some left over each month.

People aged 35-54 were found to be more likely to say they do not have enough money to meet monthly outgoings, while those aged 24 or under are least likely to feel financially restricted.

Jatin Patel, director of current accounts for Lloyds TSB, said: "Consumers are still under real pressure financially, but we are beginning to see some initial signs that the squeeze on household finances may be easing as affordability of essential items improves."

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NBA Releases High Heels For Women Who Want To Rep Their Favorite Team

There was a point of time when we were wondering if celebs were overdressing to attend Basketball Games.  Now, women who love to stunt courtside even more of a reason to show off their shoe game.

The NBA has recently linked up with an Orlando-based company called Herstar to create two types of pro-basketball footwear that feature team logos. The collection include a$249.99 crystal-covered, 6-inch heel that has a 3-inch platform; and just in case you don’t want all that bling on your feet, there’s a $99.99 microsuede 4-inch heel that has a 1-inch platform. All of the 30 NBA teams will have heels available for purchase, however, since the company has been waiting on the licensing agreement with the NBA their backorders are in the hundreds already.  The shoes that feature Swarovski Crystals are custom made and takes up to 8 weeks to make.

Herstar’s female founder Holly Joffrion revealed that she came up with the idea for the heels after realizing that women love shoes as much as they love their favorite team, so why not put them together to show team spirit:

“We look forward to offering sports fans a high-end line of fashionable heels. We understand how much women love their shoes and recognize that going to an NBA game can be an event beyond the hardwood. We’re able to combine the love of basketball and footwear together, allowing female fans another way to display their passion for the game.”

So far, their top selling heels are the San Antonio Spurs, Los Angeles Lakers and the Oklahoma City Thunder and if you can’t rock the 4- or 6-inch heels, they’ll customize the heels to a shorter height. These about to change the game when it comes to throwing a sports party

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Spyworld Fashion Exclusive: Virgos Lounge Summer 2012 Collection

Daisy Mak shares with us images of the Virgo’s Lounge Summer 2012 collection which by the way i’m totally blown away by.  Virgo’s Lounge sticks to their signature aesthetic and yet plays around it skillfully to create pop colored floral romantic pieces. My favorite collection from them so far, and looks like they can only get better at their craft.

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2:28 AM | 0 comments

The Secret Service, Embarrassed By The Colombia Prostitution Scandal

The Secret Service, embarrassed by the Colombia prostitution scandal, moved Friday to avoid a possible repeat incident by toughening its "standards of conduct" with new restrictions on drinking alcohol, a ban on "patronizing of non-reputable establishments," and a prohibition on agents bringing foreign nationals back to their hotel rooms.

Booze is off-limits 10 hours before an agent's shift starts and should be consumed only "in moderate amounts" while off duty. When the official to be protected arrives, the consumption of alcohol is entirely forbidden.

Here is the list of the new rules, which Secret Service spokesman Brian Leary provided to Yahoo News:

The following enhanced standards of conduct are effective immediately.

1. Standards of conduct briefings will be conducted for all protective visits, events and NSSEs, as well as prior to foreign car plane departures.

2. The U.S. Department of State Regional Security Officer will work with the USSS advance team to provide intensified country-specific briefings upon arrival in a foreign country.  The briefings will update personnel on safety issues, off-limit zones and off-limit establishments for USSS personnel, and any country-specific rules imposed by the Ambassador.

3. Foreign nationals, excluding hotel staff and official counterparts, are prohibited in your hotel room.

4. Patronization of non-reputable establishments is prohibited.

5. Alcohol may only be consumed in moderate amounts while off-duty on a TDY assignment and alcohol use is prohibited within 10 hours of reporting for duty.

6. Alcohol may not be consumed at the protectee hotel once the protective visit has begun.

The following measures relating to foreign car plane staffing are effective immediately.

1. Car planes will be staffed with two GS-15 supervisors — one from the Office of Professional Responsibility and one from the field.

2. The car plane supervisors will be responsible for briefing the standards of conduct expectations prior to departure to the destination country, as well as for enforcing these standards while in the foreign country.

3. All personnel traveling will have to have completed relevant LMS-based ethics training in order to be eligible for protective travel.

4. The Security Clearance Division will intensify country-specific briefings covering all pertinent topics prior to departure for the destination country.

5. Laws of the United States shall apply to Secret Service personnel while abroad.

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