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Thursday, April 18, 2024

Unstoppable shopping slows, and that could be a problem for the economy

Unstoppable shopping slows, and that could be a problem for the economy

By Courtenay Brown, Axios

The job market is chugging along, unemployment remains historically low and wages are rising at a decent clip. Still, consumers aren’t spending like they used to.

Why it matters: That’s a sharp turnaround from recent years, when shoppers looked unstoppable — even in the face of decades-high interest rates and inflation. Now consumers appear more cautious and spending is weakening, threatening a critical factor that’s kept the economy strong.

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