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GDP grew at a healthy 2.8% pace. Current spending levels may provide a welcome “not too hot, not too cold” scenario for the Federal Reserve.
September retail sales excluding vehicles and gasoline were up 0.7%. But consumers report uncertainty about the election and how it will impact the economy.
In its latest report on restaurants, Toast finds a shift toward restaurant spending in the mornings, away from lunch and dinner.
Second quarter gross domestic product growth was 2.8%. That’s double the GDP growth in the first quarter of the year.
At a time of high prices and interest rates, BNPL offerings are tempting. But they could lead vulnerable consumers into a debt spiral.
As you might expect, it’s hard to say.
Meanwhile, its competitors are doing pretty well, including Walmart, where groceries account for 60% of sales.
The latest figures, for April, suggest that rising prices, high interest rates and depleted pandemic savings may finally be weighing on spending.
If interest rates fall, expect savings rates to do the same.
This marks the end of a six-quarter streak of GDP growth of 2% or more. But the downshift might not be cause for worry just yet.