- According to economic forecaster Lakshman Achuthan, Wall Street is ignoring a striking consumer spending slowdown that will translate into an underwhelming holiday season.
- While services were closed and stimulus cheques enabled a burst of goods’ spending and financial speculation, retail sales, durable goods, stocks, corporate profits and home prices all soared. Real wages have not.
- A higher cost of living for crucial items like shelter, fuel, food, and transportation is naturally crimping spending ability.
For further details see:
ECRI: The Consumers That Drive 70% Of Economy Are In Trouble