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Moody's Talks - Inside Economics
The State of the American Consumer
Nov 27, 2024
Scott Hoyt, Senior Director of Economic Research at Moody's Analytics, brings keen insights into the dynamics of the American consumer as the holiday shopping season approaches. The discussion delves into rising credit delinquency rates and their implications amid inflationary pressures. They explore shifting consumer spending patterns, highlighting the disparity between high and low-income households. Political influences on consumer confidence and the effects of tariffs are examined, alongside the changing landscape of holiday shopping and retail challenges.
01:10:08
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Quick takeaways
- The American consumer is driving GDP growth through aggressive yet manageable spending behavior, highlighting diverse economic conditions in the market.
- Holiday shopping is projected to grow 2.5% to 3%, reflecting steady confidence but a shift towards early seasonal purchases over traditional sales events.
Deep dives
State of the American Consumer
The condition of the American consumer reflects positive economic indicators, as consumer spending significantly contributes to GDP growth. Overall, consumers exhibit aggressive yet manageable spending behavior, suggesting a robust economic backdrop. Despite some pockets of weakness, the aggregate state remains strong, contradicting alarming narratives often promoted in the media. This commentary underlines the importance of focusing on broader economic trends rather than isolated data points.
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