Economics
Americans’ Spending Seen Solid Through Latest Overseas Turmoil
- Job gains and better finances are lifting purchasing power
- Brexit may be a risk to businesses rather than households
U.S. Retail.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
The famed American consumer stands between Brexit and a pronounced slowdown in U.S. economic growth. Thank goodness.
Households have plenty of wind at their backs to sail through the shock waves from Britain’s vote to leave the European Union. Robust hiring, a nascent pickup in wages, record wealth, low borrowing costs, smaller debt burdens and cheap fuel are all expected to help. Additionally, Americans already have had plenty of experience dealing with violent swings in financial markets.