Consumer Spending Key to Economy, But Unclear If It or Hiring Will Weaken First
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Consumer spending accounts for about 70% of US economic output, so it's key in gauging the health of the economy. But it's unclear if spending or hiring will weaken first.
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Some argue the strong job market has been spurring robust spending. Others say employers have hired well because of strong demand.
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In 2008, spending weakened before widespread layoffs. This time, some think perceptions of a weakening job market could reduce spending first.
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Live concerts rebounded in 2022 thanks to Taylor Swift, Beyoncé and others. Ticketmaster parent Live Nation reported record Q3 revenue.
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Earnings next week Ryanair, Goodyear, Uber, Occidental Petroleum, Robinhood. Fed officials give speeches. Key China trade and inflation data.