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A report published by MarketWatch on Monday claimed Americans boosted their spending throughout April and June after cutting back throughout the start of 2024.
Consumers reportedly leaned into treating themselves this summer. New cars, furniture, electronics, recreational activities, and takeout food were all on the list for individuals and families. As a result, consumer spending grew at 2.3$ the annual pace in our second quarter after a fairly “lackluster” 1.5% in the first quarter, MarketWatch stated. (TAKE A POLL: Do You Think Electoral Reform is Needed in Our Country?)
But there many be a significant downside to why spending rose throughout the last three months: everything costs more. Things like rent, groceries, and transportation costs, especially things like repairing your car and getting insurance, have all risen and hit families hard.
The Coming Months
Right now, spending is still rising faster than inflation, and Americans are continuing to treat themselves to meals out and travel. If we were in serious financial stress, we’d see signs of these luxuries slowing.
“We think consumers are going to be challenged in the months ahead. You already see a pickup in [loan] delinquencies,” Wells Fargo consultant Sam Bullard told the website. “Elevated prices and elevated interest rates are taking an increasingly big bite out of the economy.” (TAKE A POLL: Is it Okay For Religious Symbols to be in Public Spaces?)
“There are signs that lower-income households in particular are getting stretched, and depressed confidence measures have been trending the wrong way,” JP Morgan said in a recent report.
What’s The Big Picture?
“Big picture, with the monthly rate of inflation ticking down and wage growth still good, workers’ spending power is strengthening,” Navy Federal Credit Union economist Robert Frick said. “But the best news is [that slowing inflation] probably cements Fed interest rate cuts coming soon, reducing the cost of borrowing and giving the economy a shot in the arm.” But what really matters is how you feel.
How Do You Feel?
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