over the size of the next stimulus package, Biggs' remarks underscore the importance of such spending for the nation's largest retailer.
"When money hits we see spending pick up pretty quickly and I would anticipate if we get another round of stimulus, which is obviously being debated, that we would see something similar," Biggs told CNBC.Consumer spending in the US jumped overall in late December as Americans received their stimulus checks. A Bank of America note looking at aggregated card data found that spending by stimulus-check recipients jumped by 12.7% year-over-year for the week ending January 16 — a big jump compared to just 2.8% higher spending from those who didn't receive stimulus checks.
Those who received checks and earn under $50,000 also spent more, with an increase of 22% year-over-year. Spending by those who were eligible for expanded UI benefits also increased.
So lower income folks actually stimulate the economy when they get money instead of inflating the value of already over-inflated stocks. Gee, who da thunk it?
Enough said
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.