Published 09 Jan, 2024
Consumer spending remains strong in a tight labor market
In late December, the Bureau of Economic Analysis (BEA) released the third and final GDP estimate for Q3 2023, which was revised down from 5.2% to 4.9%. Yet this number remains high, reflecting the increases in consumer spending and inventory investments.
With the onset of the festive season, consumer spending resumed with a vengeance in November, with retail sales increasing by 0.3% month-over-month (MoM) and 4.0% year-over year (YoY). This strong annual growth trend has been consistent over the past few months and does not take into account the impact of inflation.
Graph 1: Monthly Retail Sales and Inventories - Adjusted
Source: US Census Department; Advance Monthly Retail Trade Survey
The increase in retail sales reflects the growth in non-store retailers, which saw a 10.6% increase in sales, while sales of food services and drinking places were up 11.3% year on year.
However, inventory [read the rest of this exclusive 21 page report by selecting a Truflation Premium plan that works for you, here.]
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