US Spending Patterns Start To Shift

Looking further ahead the consumer story remains very positive, underpinned by the more than $2tn increase in cash, checking and savings deposits built up through the pandemic – the result surging incomes (stimulus payments, extended and uprated unemployment benefits) with little option on which to spend the money.

As more businesses re-open and expand, the desperate hunt for workers points to upside risks for bonus payments and wages, at least in the near term. Consequently, consumers will have plenty of cash ammunition to keep spending.

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Disclaimer: This publication has been prepared by the Economic and Financial Analysis Division of ING Bank N.V. (“ING”) solely for information purposes without regard to any ...

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