Report
If the US jobs market cracks, consumer spending will be next
Since the end of 2020, consumer spending has accounted for close to 80% of US real GDP growth. Consumer spending has increased 1.5 times faster than disposable income. For this, consumers had to dip into their liquid reserves, beyond what they had stashed away during the pandemic. The savings rate has fallen below the pre-Covid level. In future, consumer spending will primarily hinge on growth in income, and first and foremost on job market conditions (employment, wages). This su...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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