#holidays #holidayshopping #retail #unemployment #yahoofinance
The US Misery Index — a composite measurement of unemployment and inflation rates — is on track to end 2023 at 6.8%, its lowest level since the COVID-19 pandemic. While consumers continued to spend through the holiday shopping season, how is the Misery Index becoming apparent in consumer sentiment? Robertson Stephens Chief Economist Jeanette Garretty details the trends seen in recent consumer spending patterns and the data that may serve as a “check engine light” in 2024. “There is very little… economic evidence that consumer sentiment directly feeds into those near-term spending patterns — it is really driven by income. Income is up,” Garretty explains to Yahoo Finance. “Job prospects, even though the unemployment rate has gone up a little bit, I think the general perception is that there is still a high demand for labor.” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Big spending, booming business, good news!
Unemployment rate going up means those who want a job can’t get a job because of hiring freezes and job cuts. It is a glaring engine light signal. Finding yourself unemployed can put you on the street or dig a financial hole you can never climb out of. Save your money people. Don’t spend every dime you make.
Thanks to BNPL.
Also, you may want to look at personal debt. More people are charging and going in debt for their purchases this year than in the last four. Eventually that line a credit will come due.Then What?