• Thu. Feb 29th, 2024

Despite Uncertainty, Consumers Show No Signs of Slowing Down on Spending in 2024


Feb 12, 2024
Consumer Confidence on Par with Economic Growth

According to a report released by CNBC/National Retail Foundation (NRF), consumers are showing no signs of slowing down their spending habits as they continue to invest into 2024. The report found that core retail sales increased by 3.2% from the previous year in January, with six out of nine categories experiencing growth. This positive trend comes ahead of Thursday’s U.S. retail sales data from the Census Bureau, which will provide more insight on consumer spending patterns.

Despite the ongoing economic uncertainty, households are expressing confidence in their personal finances and the overall economy. High inflation rates have begun to fade, and most people stated that their financial situation has improved compared to a year ago.

However, this optimism does not extend to the labor market. Despite the general positivity surrounding personal finances and consumer spending, views on job prospects were less rosy. People expressed concern about finding employment within the next three months.

Overall, while there are some bright spots in the economy, there are still areas where improvements can be made. As such, it remains important for policymakers and businesses to continue working towards creating a more stable and prosperous future for all Americans.

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