A flow of recent data from the U.S.
File - Shoppers push carts into a Costco warehouse Friday, Aug. 4, 2023, in Thornton, Colo. A surge in U.S. consumer spending is fueling economic growth, reflecting a resilience among households that has confounded economists, Federal Reserve officials and even the sentiments that Americans themselves have expressed in surveys.rose by a brisk 0.4% in September
The durability of that spending has caught the attention of Fed officials, who have signaled that they will keep their key interest rate unchanged when they meet this week. But they've also made clear that they are monitoring the economic data for any sign that inflation could reignite and require further rate hikes.
“We continue to believe that you shouldn’t bet against the consumer until actual job losses are on the horizon,” said Tim Duy, chief U.S. economist at SGH Macro Advisers. The net worth of the richest one-tenth of households leaped by $28 trillion — or about one-third — from the first quarter of 2020 to the second quarter of 2023, according to the Fed. The poorer one-half of Americans gained a bigger percentage increase but in total dollars much less, from about $2 trillion to $3.6 trillion.
Some Americans, while keeping a close watch on their finances, still feel they have room to indulge themselves. Consider Valerie Zaffina, a 74-year-old retired teacher who was picking up a piece of jewelry last week at a Kohl’s store in Ramsey, New Jersey. She said she and her husband live on fixed incomes and are cautious spenders.
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