"President Trump backed off this week on his threat to impose new tariffs on European goods in exchange for what he called a framework of a future deal involving Greenland. Polls show most Americans don't want the U.S. to take control of Greenland. They do want the president to focus more on the economy, especially the high cost of living."
"They show that even during the government shutdown this past fall, when people's mood about the economy hit bottom, they didn't dial back their spending. On the contrary, spending rose pretty sharply during the fall. Economist Tim Quinlan, who's with Wells Fargo, says the numbers suggest that despite people's deep funk about the economy, they continued to shell out not only for necessities like food and rent. We also saw more spending on things like recreation."
"TIM QUINLAN: Growing faster than many people would have thought when there was a lot of hand-wringing about the impact of tariffs and, you know, a labor market that's losing momentum. But one way or another, the consumer just keeps finding a way to keep spending. HORSLEY: Now, for some families, finding a way might mean dipping into savings or reaching for a credit card because in both October and November, spending increased faster than people's incomes did."
Consumer spending remains strong and is helping drive solid economic growth, but a large share of that spending comes from a relatively small, well-off group of shoppers. Americans report feeling worse about the economy than a year ago, yet spending increased during the fall, including through the government shutdown. Spending growth outpaced income growth in October and November, prompting some households to dip into savings or use credit cards. Polls show most Americans oppose taking control of Greenland and want the president to focus on the economy and rising costs of living. Economists note consumers keep finding ways to spend despite tariff concerns and a cooling labor market.
Read at www.npr.org
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