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erienewsnow.com 14 Jan, 2022 19:00 am

Warning sign for the economy: Consumers are getting grumpy - Erie News Now

Warning sign for the economy: Consumers are getting grumpy - Erie News Now
By Anneken Tappe and Nathaniel Meyersohn, CNN Business

Still, the weak end to the year doesn't bode well for consumer spending, which is the backbone of the US economy."Consumer spending will remain the cornerstone of economic growth this year but the near-term path will be choppy amid surging Omicron cases," she added.Consumer spending should rebound in the spring, however, given the combination of a strong labor market, income growth and excess savings.Lower income households felt more negative about inflation as well as the economic outlook, compared with higher income households.

It was also more common for lower income households to report worsening finances.Americans shopped less in December, causing the first drop in retail sales since the summer.

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