Today, we look at cracks in the story that consumers are cracking. Crack proponents expect consumers to start saving more and spending less because they’ve depleted their excess saving from the pandemic years. We expect personal saving rates to stay low and consumer spending to stay high as Baby Boomers, done with paying college tuitions and mortgage loans, spend their sizable nest eggs. (Many apparently are buying big-ticket items such as light trucks, for cash!) As long as consumers’ purchasing power keeps rising along with employment and real wages, our money is on the consumer. … While consumers remain in good financial shape, inflation has depressed consumer sentiment, particularly at the gas pump.
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