The American consumer has held up remarkably well during the recent surge in inflation. But that was not the case in November as the pace of spending moderated to an 0.3% increase, which is likely because of an adjustment to rising prices, according to government data released Wednesday. The October ... READ MORE >
consumer spending
Retail sales beat expectations in a sign of a strong holiday season
Retail sales rose by 1.7% in October as consumers, flush with cash, signaled a strong start to the final quarter of the year, according to a report from the U.S. Census Bureau on Tuesday. The increase beat an upwardly revised 0.8% in September and was the third month in a row that retail sales ... READ MORE >
Canada retail sales climbed in August as in-person activities picked up
Canada retail sales rose by 2.1% to CA$57.2 billion in August due to increases in both prices and volume of goods sold, according to data released by Statistics Canada on Friday, a promising sign for the country's economic recovery. This increase was observed across all provinces in the first full month ... READ MORE >
Personal income, spending and savings are getting back to normal
Households are spending more and savings less, enjoying their summer and getting ready for school, government data released on Friday suggests. In short, households are getting back to normal. But whether that’s sustainable will probably be determined by somehow convincing all Americans to get a ... READ MORE >
First-quarter GDP: Growth improves as the recovery accelerates
An improved public health outlook linked to mass vaccinations and a flood of fiscal aid coursing through the American economy boosted gross domestic product by 6.4% during the first three months of the year. The composition of growth was rock solid as American households increased spending by ... READ MORE >
How pandemic savings might have saved the day
An avalanche of spending is waiting to be unleashed by the American household. Add that to the expected investments by the corporate sector to improve productivity, and the result is a robust consensus forecast of 6.4% growth in gross domestic product – RSM predicts 7.5% – for this year. That number ... READ MORE >
CHART OF THE DAY: A shifting holiday spending calendar
Retailer expectations about the start of the holiday spending season appear to have shifted earlier. About half of the retailers surveyed by the National Retail Federation said they anticipated that consumers have already started their holiday spending in October, while 62% of retailers said they expected ... READ MORE >
Holiday sales to limp forward as pandemic weighs on economy
Holiday spending is likely to advance at a tepid 0.5% pace as households still reeling from the pandemic pull back on traditional and experiential holiday outlays. This forecast is optimistic compared to the 4.6% decline in 2008, the last holiday season that took place during a recession. And it is ... READ MORE >
CHART OF THE DAY: Glory days for used car salesmen
A confluence of trends linked to the pandemic – including the fleeing of millennials to the suburbs and a rising preference for private transportation – has driven the price of used automobiles up by the quickest monthly gain since 1969, according to data from the Bureau of Labor Statistics. While ... READ MORE >
US June personal income and spending: Difficult days for the American household
The American household finds itself under extreme duress as loss of income and jobs caused by the pandemic is on vivid display inside the June U.S. Personal Income and Spending Report. Despite a robust increase in spending, based on income dynamics that are in play during the pandemic, it is quite clear ... READ MORE >