US Consumers Resilient Amid Helium Balloons, Scourge
It could've been worse. That was one way to look at the latest read on the US consumer, who's currently struggling to make peace with the highest inflation in 40 years. Not to mention the distinct possibility that even if a tight labor market makes it possible to extract higher pay from employers, the "extra" money won't be enough to offset surging prices for everything from gas to food to clothes. Although the Conference Board's gauge ticked lower from December (figure below), January's print
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““Thankfully,” most Americans don’t own any equities to speak of, so average people aren’t likely distraught amid the ~11% pullback in the S&P.” I assume the “Thankfully” is Franco. Kinda has a Marie Antoinette ring to it.
“The proportion of consumers planning to purchase homes, automobiles and major appliances over the next six months all increased”, isn’t that what we’re told people do when they are resigned to accepting inflation is going to make goods more expensive going forward? I’m going with more weight on the “13 year high” part for now.
The political consequences from the depleted, rapidly depleting, and soon to be depleted human-capital set may be brutal this mid-term. The Depleteds reliably vote.