That has made it tricky to predict consumer spending.
The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy.
As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index.
He called low unemployment "the big offset that's helped consumer spending hang in."
"I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.
Persons:
Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards
Organizations:
Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board
Locations:
Waterbury , Connecticut, U.S, Italy