U.S. consumers: still an engine of growth

BlackRock
Door oktober 8, 2019 20:31

U.S. consumers: still an engine of growth

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Once again, U.S. consumers are keeping the global economy out of the abyss. Russ discusses why.

August reinforced the perennial fear of this recovery: insufficient growth. While the economic data has started to stabilize, the global economy, particularly the manufacturing sector, remains fragile. However, for the umpteenth time this recovery, the U.S. household sector appears to be keeping the global economy out of the abyss.  The good news: This is likely to continue.

What is keeping the U.S. consumer thriving? I’d cite five factors. Solid income growth. Average hourly earnings are up 3.2% year-over-year. While this is modest by the standards of past recoveries, wage growth is currently at the cycle high and comfortably ahead of inflation. The combination of accelerating wage growth, solid job creation and modest inflation means that aggregate real disposable income is growing at nearly 3%. Low rates. While low interest rates are not engendering the

BlackRock
Door oktober 8, 2019 20:31

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