Today's Video Headlines: 10/17/24
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?
Alabama mother arrested, son kicked off ship after they allegedly slapped older passenger on MSC cruiseKamala Harris makes a brutal gaffe in speech to Wisconsin voters: ‘I stood up to veterans’ The trends also help illustrate how the economy has managed to keep expanding at a solid pace even though the Federal Reserve, until last month, kept its key interest rate at its highest level in more than two decades.
Higher-income households have been fortified by huge gains in housing and stock market wealth since the pandemic.And the stock market has been consistently hitting new highs, with the S&P 500 index up a sizzling 22.5% for the year.“It speaks to the ongoing strength of those Americans, which is still carrying overall spending,” said Michael Pearce, deputy chief US economist at Oxford Economics.
A report last week by Fed economists found that before the pandemic, retail spending had been rising for all income groups at roughly the same pace. “Middle- and high-income households have been fueling the strong demand for retail goods,” Fed economist Sinem Hacioglu Hoke and two colleagues wrote. Inflation sharply increased the portion of their income that they had to spend on housing and food, leaving little for other purchases.
One sign of the struggles that lower-income consumers have faced is that the proportion of borrowers who are behind on credit cards or auto loans has risen in the past two years to the highest levels in about a decade.
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