The Commerce Department released some advanced estimates for Sept. HERE You may be interested in their Economic Indicators for additional information. For the most part its positive news and heading into the holidays we will likely find additional increases in consumer spending. The question on where that money will come from with high inflation and not having wages increase is an interesting one.
To me improving human capital, orienting the U.S. to the highest place in the global supply chain, and new technology could improve worker value and income. Remains to be seen but there are trends such as manufacturing returning that could make that possible and open a window of opportunity.
ABC put together an informative article Consumers Defy Prices. The information below was pulled from that.
-Retail sales up .7% 2x what economists expected.
-Some products decreased and costs were similar so increases were based on spending.
-Sales online rose 1.1%, restaurants .9% and general merchandise. (Increases online likely related to increased digital era integration and socialization of behaviors as younger generations are more familiar with and have preference for online consumer behaviors.)
-Federal Reserve trying to cool.
-Issue with household income and spending not in alignment.
-3.5% possible quarter growth for nation.
-Inflation was flat from last month with prices at .4% versus .6% last month.
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