TIPSHEET_ Boom: Despite Media's Recession Chatter, US Economic Confidence Soars to 19-Year High

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Boom: Despite Media's Recession Chatter, US Economic Confidence Soars to 19-Year High

Guy Benson | @guypbenson | Posted: Aug 28, 2019 10:25 AM





Over the last few weeks, we've been exploring the competing narratives about the US economy -- with the White House insisting that all is well, as many in the media hype up the possibility of a coming recession. My general conclusion at this point has been that while there are some soft spots and genuine warning signs, the economy's fundamentals remain quite strong. Unemployment has been quite low, the job market has been quite robust, and wage growth has broken free from years of frustrating stagnation. We also recently received positive news on other indicators, including productivity, retail sales, and overall consumer spending:


U.S. consumers spent more in July than economists expected, the federal government said on Thursday, as retail sales rose 0.7% vs. the 0.3% estimated. Excluding automobile sales, a more volatile component, retail sales rose 1% — double what economists anticipated. Why it matters: Consumers were largely unfazed by the increasing economic uncertainty in July, defying other indicators that point to a global slowdown or recession. The data also comes as Walmart, one of the world’s biggest retailers, posted strong financials for its most recent quarter.

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READ MORE: https://townhall.com/tipsheet/guybenson/2019/08/28/boom-despite-medias-recession-talk-us-consumer-confidence-soars-to-19year-high-n2552247


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