Millennials' spending power is preventing a recession, Wall Street bull Tony Dwyer says(via TradingNation)
The Canacccord Genuity chief market strategist believes the demographic's robust spending is lowering recession risks." on Monday. "The peak birth year in the millennials is almost as big as the peak birth year of the baby boom generation."
It puts the group at an age when many of them are embarking on the next chapter of their lives, according to Dwyer. "That's 1990. They are turning 30. They've had 10 years to be in the workforce. They've had 10 years to build a credit score. They've had 10 years to meet a significant other and get prepared to build a household," he said "We're seeing this behavior show up in this millennial demographic which should help buffer the economy from a more significant slowdown.", Dwyer says they're comfortable being in spending mode.
"If a household is fully employed, they have income and they can go to the bank and get a home equity line of credit or credit card debt or whatever a bank is willing to lend them, you have some pretty consistent spending behavior as we've seen over the past 10 years," Dwyer said.an accommodating environment"The only way this works is if they're employed.
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