over 1 year ago • 1 min
The US economy might be in a weak spot, but data out late last week suggests it’s still not in a recession. The blue line you can see above tracks retail sales over the last decade (relative to a 2019 baseline), and it turns out they were up 1% in June from May. And while higher product prices caused that increase, the rise in consumer spending – the biggest driver of the US economy – is still a good sign. That’s not all, mind you: the red line above shows that restaurant spending surged by close to an annualized 20% over the last quarter after a strong month in June. That should bolster the services sector that makes up about 75% of the US economy, which, in turn, could help America avoid a dreaded recession.
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