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Retail sales. Thursday will give markets an indication of consumer spending levels at the end of 2024. Economists estimate retail sales increased 0.5% over the prior month during December.
But as inflation has moved down significantly in 2023, real disposable income has rebounded. It is pacing for 4% growth this year and nearly 3% next year, per Goldman.
Though the board’s index has declined the past two months, consumers continue to spend, helping to prop up the U.S. economy since the sharp rebound from the COVID-19 recession in the spring of 2020.
The former Fed policymaker still expects a rate cut next week but added that a prior prediction for four rate cuts next year has "got to be rethought." Two or three cuts in 2025 "seems right to me."
Before 2019, the U.S. was seen as a last resort for consumer spending during a global recession, but after 2020, U.S. exports have contributed to foreign inflation. At the same time, energy prices have gone up as well as the value of the U.S. dollar, which both increased monetary pressures on nations that mostly rely on energy imports.
But the changes they generated – societally in 1968 in the US and functionally around the globe in 2020 — weren’t as complete and as multidimensional as what I expect for 2024.
Spending is, however, seen cooling off in early 2024 as excess savings accumulated during the pandemic st US consumer spending exits third quarter on strong note; monthly core inflation rises Skip ...
This is a list of countries by household final consumption expenditure per capita, that is, the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households during one year, divided by the country's average (or mid-year) population for the same year.