Wealthier Americans are driving retail spending and powering US …

Oct 18, 2024 · On Thursday, the Commerce Department reported that retail sales in the United States rose 0.4% from August to September, a solid gain that suggested that shoppers are confident enough in the economy to continue spending freely.Restaurant sales jumped 1%, a …

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Oct 17, 2024 · On Thursday, the Commerce Department reported that retail sales in the United States rose 0.4% from August to September, a solid gain that suggested that shoppers are …

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Oct 20, 2024 · On Thursday, the Commerce Department reported that retail sales in the United States rose 0.4% from August to September, a solid gain that suggested that shoppers are …

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Oct 18, 2024 · Roughly 80% of stock market value is owned by the richest 10% of US households. “It speaks to the ongoing strength of those Americans, which is still carrying …

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Oct 19, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · On Thursday, the Commerce Department reported that retail sales in the United States rose 0.4% from August to September, a solid gain that suggested that shoppers are …

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FAQs about Wealthier Americans are driving retail spending and powering US … Coupon?

Why are Americans spending more at retail stores and restaurants?

It’s a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace? One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending. ...

Will consumer spending derail the economy?

Karen Dynan, an economist at Harvard and a nonresident fellow at the Peterson Institute for International Economics, suggested, though, that such trends aren’t likely to derail the overall economy. “There are increasing cracks in consumers’ spending,” she said. “But it’s not yet a broader economic story.” ...

Why do people spend so much?

One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending. That trend, documented by Federal Reserve research, represents something of a shift from the pre-pandemic period. ...

Are Americans still carrying overall spending?

“It speaks to the ongoing strength of those Americans, which is still carrying overall spending,” said Michael Pearce, deputy chief U.S. economist at Oxford Economics. Housing and stock values have soared in particular for the wealthiest one-tenth of Americans over the past four years. ...

Are middle- and high-income households fueling demand for retail goods?

“Middle- and high-income households have been fueling the strong demand for retail goods,” Fed economist Sinem Hacioglu Hoke and two colleagues wrote. ...

Could consumer spending help sustain healthy growth this year?

That trend, documented by Federal Reserve research, represents something of a shift from the pre-pandemic period. And it suggests that consumer spending, the primary driver of the U.S. economy, could help sustain healthy growth this year and next. ...