It’s no wonder that we’re dealing with supply chain shortages and inflation because demand is incredibly high right now,” the analyst noted. That’s a trend that we’re seeing among some households, but just beginning to see more broadly.
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“But all of this spending has to translate into higher credit card debt at some point. Higher wages, stock prices and home values are a part of the splurge, but Rossman also put his finger on something very important - namely consumer debt, which Federal Reserve data showed skyrocketed by 8.3% in September. Reacting to October’s surprisingly strong retail sales report, senior industry analyst Ted Rossman wondered aloud “where all of this money is coming from,” especially with stimulus checks being “a distant memory at this point, and yet people continue to spend like crazy.” When in doubt about whether you can afford something, just charge it. The other factor involves the age-old conundrum of an economy that’s mostly powered by consumer spending. Meanwhile, both Target ( TGT) and Walmart’s ( WMT) Q3 earnings were boosted in part by bargain-hunting shoppers looking for rock-bottom prices. On Wednesday, Yahoo Finance’s Aarthi Swaminaman reported that discount retailers like Dollar Tree ( DLTR), Dollar General ( DG), and Five Below ( FIVE) have seen a whopping 65% surge this year compared to 2019, according to data from credit tracking firm Facteus. Another possible explanatory variable is the prevalence of discount shopping. Yet the data suggest consumers are doing what they’ve always done, which is adapt to changing circumstances. For example, both UPS ( UPS) and FedEx ( FDX) boasted of a “very favorable pricing environment” amid implacable demand. And while corporate America clearly voiced concerns over inflation, the transcripts revealed something that’s arguably more compelling - and a point the Morning Brief touched on in Tuesday’s edition.īinky Chadha canvassed Q3 remarks and found that not only companies are comfortable hiking prices, but consumers appear to be rather placidly paying for them. This week, Deutsche Bank analysts dissected the management commentary from a range of third quarter earnings calls. Growth is slowing and the supply chain crisis has made goods and services increasingly scarce (even if demand and available jobs are certainly not). Less understood, however, is exactly why consumers keep opening their wallets as prices climb, even though sentiment indicators show them in a rather glum mood. It’s common knowledge that inflation is eating away at consumers' ability to spend, as the most basic necessities like groceries and energy extend a relentless spike. Thursday, NovemA link between fatter paychecks, bargain hunting and plastic Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. The renaming deal is part of a 20-year agreement between the Singapore cryptocurrency exchange - which reportedly paid more than $700 million for the naming rights, according to sources familiar with the terms - and AEG, the owner and operator of the arena, the Los Angeles Times.This article first appeared in the Morning Brief. The project is the latest example of cryptocurrency's rise to power, coming hours after the iconic Staples Center announced its plans to be renamed to Arena on December 25 following what is "believed to be the largest U.S. The document was expected to garner as much as $20 million leading up to the auction, but the crypto group believes raising $40 million would give them a "great chance of winning." The copy of the Constitution - which was printed in 1787 when framers wrote the document and is among 500 remaining copies printed - is scheduled to be included in an auction operated by Sotheby's on Thursday at 6:30 p.m. “Crypto will allow the US constitution to fulfill its original mission! Freedom!” wrote one person who contributed $400 worth of the group on Wednesday via NBC News, which was made public as part of a defining feature of cryptocurrency.Īnother Twitter user called the group's effort to purchase the document a "financial flash mob." With the more than $32 million raised, ConstitutionDAO is in an extremely competitive spot to purchase one of the founding documents of American democracy. The group said it was inspired to purchase the document on cryptocurrency memes and the 2004 film National Treasure. Constitution in an auction scheduled to take place on Thursday (November 18).ĬonstitutionDAO has reportedly raised more than $32 million from thousands of donations - mostly anonymous - since launching its campaign online within the last week, NBC News reports. A cryptocurrency group plans to place a bid on a first-edition copy of the U.S.