The economy is much stronger going into the traditional Christmas shopping season than was expected. Not so long ago,in the second half of the year, making for miserable holiday sales figures.
In nominal terms, gross domestic product shot up 8.5 percent. Real personal consumption expenditures were up four percent. Nominal final sales to private domestic purchasers rose 6.1 percent, for a 3.3 percent gain in real terms.surveys showing consumers are deeply unhappy . It estimates that retail shopping during November and December will reach record levels, growing between three percent and four percent over last year to between $957.3 billion and $966.6 billion. The estimate excludes autos, restaurants, and gas., when spending grew 3.8 percent. Year-over-year holiday spending grew 9.1 percent in 2020, 12.7 percent in 2021, and 5.4 percent last year.
, down from 55 percent last year. The share saying they expect to start in November rose from 35 percent to 40 percent. This suggests some relaxation from last year’s early sales, which could lead to some stabilization over the season.
Source: News Formal (newsformal.com)
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