The disruptions that prevented spending, as well as government spending, have transformed the balance sheet of the U.S. consumer.
The COVID-19 pandemic is still very much around, but from an economic perspective it’s having a smaller and smaller impact on everyday lives. Gone are the days where most every store was closed, though mask and vaccine mandates still remain, and supply-chain issues are keeping some products off the shelves.
That saving also has meant that goods spending isn’t cannibalizing services expenditure. Spending at home-improvement stores, for instance, has remained elevated, even as they’re no longer one of the few shopping destinations that are open. Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.
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