Sales increased by 0.3% on the month or by 5.9% on a three-month moving average annualized pace. … READ MORE >
excess savings
Excess savings are critical to the economic expansion’s duration
According to our analysis of revised BEA data, consumers are on a strong footing, with between $400 billion and $1.3 trillion in excess savings that they can draw upon as the economy moves back toward price stability. … READ MORE >
Fed’s key wage gauge falls to lowest level since June 2021
The Employment Cost Index—the Federal Reserve’s closely watched metric on wage growth—increased by 1.0% in the second quarter, the slowest since June 2021. … READ MORE >
American consumers grow more cautious as spending falls
Personal spending fell by 0.2% in dollar terms in December and by 0.3% after adjusting for inflation, which rose by 0.1% on the month. … READ MORE >