All Posts Tagged: economic expansion
Consumers are on a roll. But how long can it last? Consumer spending has been robust. Growth in nominal retail sales, including food services from a year ago, was 6.6% in August and has exceeded 6.0% over the last four months.
This is a clear sign of household strength and resilience at this stage of the expansion.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on September 14.Key observations:
- Annual growth in 2018 has averaged 6.1% through August compared to 4.1% over the same period in 2017.
- Consumer confidence rose to an expansion high of 133.4 in August.
- The fastest growing categories of retail spending have been gas stations (+20.3%), nonstore retailers (+10.4%), and restaurant and bars (+10.1%).
- While personal savings rates still remain healthy, without faster real income growth to support it, consumer spending will inevitably slow.
The moderate pace of wage growth since the end of the Great Recession is unusual compared to previous expansions.Read More ›
The current economic expansion turned nine years old this month.Read More ›
The U.S. economy hit an incredible record in October; it has now been in an expansion for its 100th month.Read More ›