Consumer spending continues to rise nationwide, fueled by jobs growth and a rosier outlook for the U.S. economy. Unfortunately for mortgage rate shoppers, it may also lead to higher mortgage rates later this week.
The American Consumer is alive and well, it seems. Retail Sales are up 14 months in a row.
The American Consumer will not be deterred. Despite worsening jobless figures and an increase in the Cost of Living, Retail Sales are climbing.
Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It’s an all-time high and another example of the U.S. economy’s resiliency.
If consumer spending is a keystone element in the U.S. economic recovery, a full-on rebound is likely underway. Retail Sales is higher for 7 straight months and is now at an all-time high.