Until July, income growth has outpaced the added dollars spent on gas. But gas prices have risen much faster in August. Income growth still has to outpace the increase in gas prices to at least offset the negative effective on consumers.
More Quotes from Michael Niemira:
Electronics was a pocket of strength. The discounting and promotional environment this past season was very much a part of the broader economic picture painted back in the late summer, when we saw rising gasoline prices.Michael Niemira
Despite the fact that gas prices have been creeping up since last year, our research shows that consumers have not really altered their buying of discretionary items, ... I think the effect on consumer spending has more or less been neutral.
Michael Niemira
Yes, the numbers look good, but they should have looked better, ... Beneath the surface, it shows some strain.
Michael Niemira
During the past week seasonally hot weather pared demand for fall apparel.
Michael Niemira
It shows a relatively healthy sales picture. The question is how will the consumer react when oil prices filter through the rest of the economy.
Michael Niemira
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