Yahoo Finance published this video item, entitled “‘Labor market story has powered the consumer,’ economist says” – below is their description.
US Census Bureau data revealed a month-over-month increase of consumer retail in November. However, not every consumer spent the same way, with older generations spending more consistently than younger generations. With more headwinds on the horizon, including student loan payments, will spending patterns between old and young consumers change at all in 2024?
Bank of America Institute Senior Economist David Tinsley joins Yahoo Finance to discuss the data and how generational trends could be expected to shift at all in the new year.
“What we noticed was the older generations were spending firmly throughout November on holiday items. The younger generations were holding back until the holiday weekend, and then they ramped spending,” Tinsley outlines. “Looking to next year, I think what I say is the fundamentals remain broadly in good shape right now. The labor market has slowed, but it is certainly not slowing precipitously. The deposits, the savings, and checking account cash that people have on hand to support their spending is coming into the new year in relatively high still, compared to where it was before the pandemic.”
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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