Wealthier Americans are driving retail spending and powering US economy
WASHINGTON (AP) — 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?One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending. That trend, documented by Federal Reserve research, represents something of a shift from the pre-pandemic period. And it suggests that the U...
Read MoreFri, 18 Oct 2024
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