Americans continue spending the fruits of their labor: Retail sales crushed expectations in September.
The U.S. economy is roughly 70% consumption, so if you want economic growth, consumers have to keep spending.
They clearly are. Retail sales numbers for September arrived far better than expected, in what experts calls a “blockbuster” report.
Sales jumped 3.8% compared to last September.
Online sales were up 8.4%. Receipts at eating and drinking establishments, up 9.2%.
By all accounts, the U.S. labor market is incredibly strong, with an unemployment rate that’s been under 4% for almost two years.
These retail sales numbers are not inflation-adjusted, meaning that a lot of the increase over the last year reflects the 3.7% rise in the Consumer Price Index over the same period.
Maybe this whole economics thing ain’t rocket science.
By all accounts, the U.S. labor market is incredibly strong, with an unemployment rate that’s been under 4% for almost two years.
Wage growth is solid — hourly earnings were up 4.4% compared to last year — and with inflation easing, real disposable income is up. That means that on the whole, people are better off than they were last year when inflation crushed real earnings.
People are spending their money. And in an economy based on people spending their money, that’s good.
What percentage of Americans don’t save?
More than one in five Americans have no emergency savings
This is up from 27 percent of people in 2022. Nearly one in four (22 percent) U.S. adults say they have no emergency savings.
What is the 50 30 20 rule?
Budgeting Basics – The 50 30 20 Rule : United Nations Federal …
Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.
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