Inflation is eroding consumer confidence as everyday items become more and more expensive. Many consumers have been forced to cut back on things like eating out or seeing a movie just so they can feed their families and keep the lights turned on. One consumer that lives in Florida stated she has noticed fewer boats being launched and very few new vehicles on the road. Parents like her have started to share ways to cut costs on social media.
Tag: consumer spending
Furniture Companies in a Rut as Fewer People Buy Big-Ticket Items (Macro News for September 16, 2023 – September 22, 2023)
Delouya, Samantha CNN.com Link to the article Posted 09/09/2023 Keywords consumer spending, durable goods, nondurable goods, consumption patterns Current News Topic # 6 Introduction to Macroeconomics Article Synopsis Major furniture retailers are in the midst of a "massive sales slump" relative to 2022 sales. Year-to-year sales fell between 19% and 36% depending on the retailer. … Continue reading Furniture Companies in a Rut as Fewer People Buy Big-Ticket Items (Macro News for September 16, 2023 – September 22, 2023)
A Recession May Be Around the Corner. Don’t Panic (Macro News for May 28, 2022 – June 3, 2022)
Economists around the world forecast that the U.S. will enter a recession soon. Supply chain constrictions, a tight labor market, and interest rate hikes to combat inflation all factor into their forecasts. Similar situations are occurring in other countries. The Bank of England raised interest rates to fight double-digit inflation and warned of recession. China’s economy is slowing down, and Russian sanctions are pushing food and energy prices much higher in the European Union.
U.S. Consumer Debt Jumps by $40 Billion in February (Macro News for April 9, 2022 – April 15, 2022)
Americans piled on more debt in February 2022 as they borrowed money to keep spending on higher priced goods and services. The Federal Reserve’s consumer credit report showed debt levels increased by almost $42 billion, which is an annual increase of 11.3% assuming the pace keeps up. In contrast, January’s debt levels increased by only 2.4% annually. The February increase was the highest on record for this data series, which has been kept since the early 1940s.
Pearson Economic News 