• Why are US shoppers defying economic fears with strong retail spending

  • Aug 15 2024
  • Duración: 2 m
  • Podcast

Why are US shoppers defying economic fears with strong retail spending

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  • U.S. retail sales increased by one percent from June to July, marking the highest rise in 18 months. Consumers spent more at auto dealers, electronics and appliance stores, and grocery stores. Adjusted for inflation, sales rose approximately 0.8 percent. Excluding gas station sales, retail sales also experienced a one percent increase. Average wages have risen, aiding consumer spending despite high prices and interest rates. Inflation-adjusted wages show a slight increase compared to last year. Wealth for upper-income households has grown due to stock prices and home values, encouraging consumer spending. Despite rising unemployment and weaker hiring, layoffs remain low, and service sector activity thrives. Consumers continue to spend on travel, entertainment, and healthcare. Concerns emerge over reliance on credit cards, with some Americans falling behind on payments, although these figures are low. Consumer prices increased by 2.9 percent in July, the slowest annual growth since March 2021, with core inflation decreasing for four consecutive months.

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