According to a report from CNBC/National Retail Foundation (NRF), consumers are continuing to spend into 2024, with core retail sales up by 3.2% from the previous year in January and retail sales up in six out of nine categories. This indicates that consumer spending is on the rise, which could lead to increased economic growth. The report was released ahead of Thursday’s U.S. retail sales data from the Census Bureau, which will provide more insight on consumer spending patterns and trends.
In addition to this positive news, household views on personal finances and the economy are also looking brighter as high inflation continues to fade. Most people stated that their finances were better off than a year ago, indicating that they feel more financially secure. This could lead to increased consumer confidence and spending in the future.
However, despite this generally positive sentiment, views on the labor market were less upbeat. People expressed lower confidence in finding another job within the next three months, which could indicate that there may be some challenges in the job market in the near future. It is important for policymakers and businesses to address these concerns and work towards creating more job opportunities for consumers.