Flat retail sales are just the beginning. Consumers are increasingly worried about rising prices, a looming recession, and uncertainty about what’s next.
Sales at retailers fell flat in September, the government said Friday, a sign that the economy may slow in the coming months as consumers pull back on spending in the face of 40-year high inflation and the end of pandemic-era government stimulus programs. Retail sales, a major part of consumer spending, are closely watched as a sign of the mindset and financial health of consumers. They rose 8.2% on the year.
Retail stores are obviously concerned about the holiday shopping season and the mindset of the U.S. consumer, and they are tempting holiday shoppers early this year, said Ted Rossman, Bankrate.com senior industry analyst. “This week, Amazon AMZN , Target TGT , Walmart WMT and others kicked off their holiday deals,” he said. He said next month will show further evidence of early holiday shopping.
— Glenn Williams, CEO of Primerica While a majority of Americans still feel positive about their personal finances, that percentage fell by 11 percentage points over the past two years, according to a report released this week by life-insurance company Primerica. What’s more, three-quarters say their earnings are falling behind the rise in the cost of living, while 22% believe they will be better off financially a year from now.
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