Unstoppable shopping slows, and that could be a problem for the economy – By Courtenay Brown (Axios) / March 14, 2024
The job market is chugging along, unemployment remains historically low and wages are rising at a decent clip. Still, consumers aren’t spending like they used to.
Why it matters: That’s a sharp turnaround from recent years, when shoppers looked unstoppable — even in the face of decades-high interest rates and inflation. Now consumers appear more cautious and spending is weakening, threatening a critical factor that’s kept the economy strong.
By the numbers: Retail spending bounced back slightly in February from a sharp pullback at the start of the year. The Commerce Department said Thursday that retail sales rose 0.6% last month. But January’s drop was worse than initially thought: Retail sales fell 1.1%, not the 0.8% first estimated.
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