Posted 1/17/2024, 6:05:00 PM
Strong Consumer Spending Keeps US Economy Afloat in 2023
- American consumers resilient in 2023, kept economy out of recession with healthy retail sales growth
- Consumers spent money on wants as well as needs - dining out, travel, clothes, cars, etc.
- Strong labor market gives consumers confidence to keep spending
- Falling inflation allowed incomes to outpace prices, supporting spending
- As long as consumers keep spending, companies won't need to lay off workers, allowing expansion to continue