America’s economic engine is still revving, despite fears of a slowdown
CNN
A key driver of the US economy remains solid.
A key driver of the US economy remains solid. Spending at US retailers rose 0.1% in August from the prior month, the Commerce Department reported Tuesday. That’s a much slower pace than July’s upwardly revised 1.1% gain, but well above the 0.2% decline economists projected in a FactSet poll. The figures are adjusted for seasonal swings but not inflation. It’s an encouraging sign for America’s economy, since consumer spending represents two-thirds of US economic output. Retail sales make up a sizable chunk of overall spending. Tuesday’s report is the final major economic release before the Federal Reserve announces its latest interest-rate move on Wednesday. The numbers do little to influence the size of the expected rate cut. The debate over whether the Fed will roll out a quarter-point rate cut, or a larger, half-point cut has intensified recently. The health of the US economy, especially the job market, is top of mind for the Fed and Wall Street, which is betting the central bank will start cutting aggressively. Employers are hiring fewer workers these days and it’s become a lot tougher for workers to find a new job. The unemployment rate has ratcheted up quickly over the past year, reaching a 4.2% rate last month from 3.8% a year earlier. If the job market falters, that could translate into a sharp pullback in consumer spending, spelling trouble for the US economy. Businesses would be forced to adjust their hiring plans accordingly, with American shoppers spending less, possibly igniting a negative feedback loop in which consumers spend even less because they got laid off, according to economists. The Fed could step in to prevent that by lowering borrowing costs.
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