Aggregate Nominal Spending and the Consumer

From the news: Retail sales rose at a healthy pace in January, a sign that firming wage gains and solid consumer sentiment could be set to boost overall economic growth in 2017. “The upshot is that the improvement in consumer confidence since President Donald Trump’s election victory now appears to be feeding through into stronger gains in actual spending.” Under the “microscope”, you might say the pace of sales growth is “healthy” or getting “stronger”, but that´s just because the “grim” state of aggregate nominal spending is trudging along. (Note: Core Retail Sales excludes autos and parts) Bottom Line: Given stable…

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