Retail and food service spending increased 0.6% between May and June, much better than economists' expected 0.4% decline.
Beauty and grooming products, as well as travel items, have also gotten a sales boost, according to the Wall Street Journal.
Sales of apparel and home goods items increased, helping Target gain more than $1 billion in market share during first quarter.
Certain food items, household products, and also major purchase like appliances, cars, and homes are all seeing prices surge.
Expedia and other travel stocks climbed as stimulus checks and relaxing restrictions on travel bolster hopes for recovery in the industry.
Americans are ready to spend, signaling a coming economic boom, with $1.6 trillion in savings more than enough to close the hole in the economy.
Google searches for “anxiety” are at a 16-year peak since the start of the series in 2004, analyst DataTrek said in a note. Searches for “restaurant” and “mall” have fallen by about a quarter in the last couple of weeks and are back near their lowest since the spring, DataTrek […]
The US economy could be set for a surge in growth as consumers start to spend the money they saved during the COVID-19 pandemic, according to The Leuthold Group. When the personal-savings rate has been this high in the past, economic growth has surged, according to historical data from Leuthold. […]
Bloomberg’s Consumer Comfort Index gained to 47.8 last week from 45.1, notching its biggest increase in more than 11 years. The gauge now sits 13.1 points from its March trough, but remains 19.5 points from its January highs. Though reopenings have slowly driven the index higher, gauges for richer and […]
Consumer confidence in June jumped to 98.1 from 85.9 in May, according to a Tuesday report from The Conference Board. Economists surveyed by Bloomberg expected the index to gain to 90.5. The jump was the biggest since 2011. “The re-opening of the economy and relative improvement in unemployment claims helped […]
US retail sales surged a record 17.7% in May, double economist estimates, following two consecutive months of record slumps. But, there are also signs of shifting consumer trends in the US that could widen the inequality gap. “Consumer spending is always skewed toward higher income groups,” wrote Samuel Coffin of […]
US retail sales jumped a record 17.7% in May, the Commerce Department reported Tuesday. That was more than double the consensus estimate from economists. The gain came after two consecutive months of record slumps as the coronavirus pandemic slowed consumer spending activity. The sharp rebound is a positive sign that […]
The University of Michigan’s consumer-sentiment index rose to 78.9 in June from 72.3, in May according to preliminary data released Friday. “The turnaround is largely due to renewed gains in employment, with more consumers expecting declines in the jobless rate than at any other time in the long history of […]
The Commerce Department released data showing that household incomes rose in April as a result of government aid, combined with a fall in consumer spending that magnified the trend. The savings rate also soared to 33% as a share of personal disposable income, a record high. A chart below illustrates […]
TJX Companies – owner of the TJMaxx, HomeGoods, and Marshalls brands – reported first-quarter earnings on Thursday that showed it’s seeing “pent-up demand” from consumers as it begins to reopen its stores. The off-price merchandiser reported its fiscal first-quarter earnings, which missed analyst estimates on both the top and bottom […]
Personal consumption expenditures fell 7.5% in March, according to a report released Thursday by the Commerce Department. It’s the largest drop on record for the measure, which accounts for roughly 70% of US gross domestic product. The report reflects the effects of major lockdowns that swept across the US in […]
The Conference Board’s consumer confidence index fell to 86.9 in April from 118.8 in March, the largest drop since 1973, according to a Tuesday report. The present situation index fell 90 points in April to 76.4, the largest drop on record, according to Lynn Franco, senior director of economic indicators […]