Most economists expect consumer spending will support the economy despite rising risks of a recession as the cumulative and delayed effects of the Federal Reserve’s fastest monetary policy tightening campaign since the 1980s start to broaden out. The data did not change economists’ expectations that the US central bank will stop hiking interest rates next month.
Economists polled by Reuters had forecast core retail sales would gain 0.3%. Core retail sales correspond most closely with the consumer spending component of gross domestic product . Consumer spending, which accounts for more than two-thirds of US economic activity, accelerated in the first quarter, offsetting the drag on GDP growth from an inventory liquidation.last quarter. Goldman Sachs lifted its second-quarter GDP growth tracking estimate by two-tenths of a percentage point to a 2% pace.
A survey on Tuesday showed the National Association of Home Builders/Wells Fargo Housing Market index increased five points to a reading of 50 this month, the fifth straight monthly increase. That rise lifted the index to the midpoint mark of 50 for the first time since July 2022. Furniture store sales fell 0.7% while receipts at electronics and appliance stores dropped 0.5%. Spending on hobbies decreased 3.3%. Sales at service stations fell 0.8%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rocco Nacino and Melissa Gohing spend first Mother's Day with son EZ in DubaiRocco Nacino, Melissa Gohing, and their son EZ flew to Dubai for Mother's Day. Look HERE:
Source: gmanetwork - 🏆 12. / 63 Read more »
Hardly a dent in PHL growth despite inflation | Manny B. VillarThe high inflation rate at the start of the year failed to greatly curb consumer spending. Filipinos continue to spend and travel more in the first three months of 2023, while business establishments are gaining more and more confidence as the Philippines transitions to the full new normal. The solid…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Daughters without moms find support in each other’s grief | Tracee M. Herbaugh / The Associated PressWhen my mother died suddenly 30 years ago, I was 13. I’d spend the next 20 years attempting to understand what it means not to have a mother. And I did this basically alone. Mostly, this was because my mother’s parents, who raised me, were old-fashioned folks who lived through…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Hardly a dent in PHL growth despite inflation | Manny B. VillarThe high inflation rate at the start of the year failed to greatly curb consumer spending. Filipinos continue to spend and travel more in the first three months of 2023, while business establishments are gaining more and more confidence as the Philippines transitions to the full new normal. The solid…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Creepy comeback! ‘True Philippine Ghost Stories’ relaunches, calls for submissionsThe iconic series from the early 2000s is headed back to our shelves. 👻
Source: rapplerdotcom - 🏆 4. / 86 Read more »
The Weeknd starts scrapping stage name on social mediaTHE WEEKND IS OUT, ABEL IS IN! On Monday, The Weeknd or Abel Tesfaye, the artist behind the smash Blinding Lights updated his screen name on Twitter and Instagram, although the handle on both remained theweeknd. | via philstarlife READ:
Source: PhilippineStar - 🏆 7. / 71 Read more »