Two years removed from the country’s worst bout of inflation in over four decades, the US economy has defied expectations. Prices continue to exhibit signs of being on a deflationary path, the labor market remains resilient, wage growth is solid, along with real GDP continuing to display healthy quarterly increases.
Income growth opportunities have especially driven much of the positive gains in households’ personal finances, as well as their bullish outlooks; nearly half of those financially better off in the past year have reported receiving a pay increase within the same time frame. Similarly, 45% of those that predict they will be a lot better off have also seen a bump in salary.
Strong consumer confidence has historically exhibited strong links to robust consumer spending – as seen by the 44% of households with expectations of travel during the summer, with home improvements and big-ticket purchases being other discretionary outlets many consumers plan to engage with in the near-term.
A resilient US economy remains driven by consumer spend, robust employment growth and cooling inflation – leading to sustained optimism among households.
Amr Hamdi, Senior Analyst – Financial Services
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