The Federal Reserve raised interest rates for the first time since 2018, with six more rate hikes planned for this year. The central bank’s tightening could have a considerable impact on U.S. borrowers and consumer spending trends moving forward, experts say. U.S. consumers could be challenged by a broad array of “brisk headwinds that only…
Feel the Squeeze: Higher Rates, Inflation to Weigh on US Borrowers, Experts Warn
US Factory Output Surges to Highest Gain in 4 Months
Production at American factories accelerated in February 2022, indicating strength in the domestic manufacturing sector that has been rattled with high costs and persistent supply chain issues. Manufacturing output rose by 1.2 percent after remaining almost flat for the previous two months. This is the highest monthly gain in four months. In October, the index…
US Retail Sales Appear Sluggish in February as Inflation Impacts Consumer Spending
U.S. retail sales rose 0.3 percent in February, but at a slower pace than expected, as inflation seemed to impact consumer spending, according to a Commerce Department report on March 16. Economists had previously estimated that consumer spending would hit 0.4 percent, but rising gasoline and food prices have forced many households to cut back spending…
Retail Sales Jump by Forecast-Beating 3.8 Percent, but Experts Point to Weakness Behind the Numbers
U.S. retail sales saw a strong, forecast-beating rebound in January after a sharp pullback in the prior month, though experts cautioned not to read too much into the numbers as seasonal adjustments to the data played an outsized role. American shoppers appeared to hit the shops in droves in January, with the Commerce Department saying…
Retail Sales Jump by Forecast-Beating 3.8 Percent, but Experts Point to Weakness Behind Numbers
February 16, 2022
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U.S. retail sales saw a strong, forecast-beating rebound in January after a sharp pullback in the prior month, although experts cautioned to not read too much into the numbers, as seasonal adjustments to the data played an outsized role. U.S. shoppers appeared to hit the stores in droves in January, with a Feb. 16 Commerce…
US Consumer Confidence Dips in January; Spending Intentions Strong
January 26, 2022
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American consumer confidence dipped slightly in January, with many consumers planning to purchase items such as homes, appliances, and automobiles, as U.S. businesses face a hit from inflation and Omicron. Consumer confidence in the economy generally remains high in the United States despite surging prices and scattered shortages of goods and services. The Conference Board’s…
Big Banks Optimistic About Economic Outlook This Earnings Season, Driven by Healthy Consumer Spending
Some of the biggest banks in the United States have remained optimistic about the economic outlook for the nation this earnings season, driven in part by healthy consumer spending. Bank of America, in its reported earnings on Wednesday, said its 67 million customers spent a record $3.8 trillion in 2021, which is a 24 percent increase from the…
Euro Zone Consumers in for a Shock as Power Bills Soar
FRANKFURT—When Christian Hurtz opened his electricity bill just before New Year, his jaw dropped: it had more than trebled from the rate he signed up for. The 41-year-old software developer from Cologne, Germany, is one of millions of Europeans who have seen their energy costs balloon as providers go out of business because of soaring…
Supply Chain Problems and Inflation Dent Online Holiday Sales Growth
January 12, 2022
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Online consumer spending in the United States during the holiday shopping season from Nov. 1 through Dec. 31 was weaker than expected according to Jan. 12 data from Adobe Analytics. Adobe covered more than one trillion visits to U.S. retail websites in its analysis. Continuing pandemic-related issues such as the supply chain crisis, rising inflation,…
Consumers Are Spending ‘at a Faster Rate’: Bank of America CEO
December 13, 2021
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Bank of America Chairman and CEO Brian Moynihan says consumers are spending “at a faster rate” but that he is still concerned about rising inflation and supply-chain issues affecting the economy this winter. Moynihan told the Associated Press he sees robust consumer spending driving economic growth in the coming year, but said the recent decline in…
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