To relieve some supply chain issues, President Biden announced Wednesday that the Port of Los Angeles would double its hours of operation, and major companies including Walmart, UPS and FedEx will expand their working hours in hopes of addressing backlogs. The Conference Board’s Consumer Confidence Survey fell in September for the third consecutive month, and preliminary results from the University of Michigan’s monthly consumer sentiment survey, released Friday, also showed confidence dropped 1.9 percent, to 71.4, in early October. With prices still rising at a year-over-year pace of more than 5 percent, in part because of persistent supply chain disruptions caused by the pandemic, surveys of consumer sentiment show it is deteriorating, and that could presage a slump in spending. The increase in prices could still become a drag on the economy. The analysts wrote in a research note, however, that “all of the other major categories have seen real growth.”
“Many are vaccinated, and they’re tired of staying at home and want to go out and spend.”Īnalysts at Bank of America, citing credit card data gathered by the bank, said on Friday that the increase in spending on gasoline, lodging, airfares and at grocery stores can largely be attributed to inflation. “People believe that they have learned to manage the virus,” said Beth Ann Bovino, chief U.S. Analysts had expected sales to decline about 0.2 percent, according to a survey conducted by Bloomberg. economic activity - remain willing to spend for now, economists said.
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Consumer prices are increasing at the fastest pace in years, a phenomenon largely attributed to the uneven reopening of the global economy.īut the broad takeaway from Friday’s report was that consumers - the key driver of U.S. The sales data measures dollars spent at businesses in the United States, so the increase partly reflects inflation in the cost of everyday products from food to gasoline. The increase in spending was broad-based, with sales at restaurants and bars, clothing stores and home goods stores climbing. Sales climbed 0.7 percent in September, following a 0.9 percent gain in August, the Commerce Department reported. It was the second straight month of gains.
Retail sales rose unexpectedly in September, as American consumers shook off fast-rising prices, shortages of goods, and the Delta variant outbreak in many parts of the country.
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