Posted 3/17/2024, 11:00:00 AM
Consumers Spending Cautiously as Inflation Persists and Prices Outpace Incomes
- Inflation remains stubbornly high, bouncing around 3% despite hopes it would decline more steadily
- Consumers continue spending but are growing more cautious, with retail sales softening
- Gas prices are ticking up seasonally which could weigh modestly on consumer spending
- Wage growth outpaces inflation but higher prices still erode incomes; consumers spend out of necessity
- Experts broadly optimistic economy is on right track, but high credit card debt burdens many
