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Meyer: Spending was up 2.2% year-over-year in September.
  + stars: | 2024-10-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeyer: Spending was up 2.2% year-over-year in September. Michelle Meyer, U.S. Chief Economist at Mastercard Economics Institute, reports a 2.2% year-over-year increase in September spending. Despite strong job gains and wage growth, consumer spending remains modest.
Persons: Meyer, Michelle Meyer Organizations: Mastercard Economics
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIncrease in consumer holiday spending expected this year, says Mastercard's Michelle MeyerMichelle Meyer, Mastercard Economics Institute U.S. chief economist, joins CNBC's 'Money Movers' to discuss the state of the consumer, how to read auto delinquencies, and more.
Persons: Mastercard's Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTravel spending not slowing down anytime soon, says Michelle MeyerMichelle Meyer, chief U.S. economist at Mastercard Economics Institute, joins CNBC's 'The Exchange' to discuss travel spending trends, what new Mastercard data shows about the strength of the consumer, and more.
Persons: Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute, Mastercard
Inflation is far from uniform right now, says Michelle Meyer
  + stars: | 2024-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is far from uniform right now, says Michelle MeyerMichelle Meyer, U.S. Chief Economist at the Mastercard Economics Institute, discusses consumer spending and inflation.
Persons: Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Swift Lift: Restaurants see massive boost in sales within 2.5 miles of Eras Tour venuesMichelle Meyer, Mastercard Economics Institute chief economist, joins 'Money Movers' to discuss why the economist decided to look at the economics surrounding Taylor Swift, if spending around the Eras Tour rose more in bigger cities, and more.
Persons: Michelle Meyer, Taylor Swift Organizations: Mastercard Economics
The S&P 500 currently sits around 4,550. BMO’s chief investment strategist Brian Belski has predicted that the S&P 500 will close out 2024 at a healthy 5,100. The S&P 500 has gained about 18.5% so far this year after falling nearly 20% in 2022. Despite elevated borrowing costs, three years of high inflation and increasing numbers of Americans dipping into their retirement plans, consumers continue to keep the US economy chugging. Google accounts include everything from Gmail to Docs to Drive to Photos, meaning all content sitting across an inactive user’s Google suite is at risk of erasure.
Persons: New York CNN — It’s, , Candace Browning, Browning, Goldman Sachs, Lori Calvasina, America’s Savita Subramanian, Subramanian, Brian Belski, , Matt Egan, ” Michelle Meyer, Jennifer Korn, it’s, Google Organizations: New, New York CNN, Bank of America, RBC, BMO Capital Markets, Deutsche Bank, RBC Capital Markets, Bank, America’s, Federal Reserve, Mastercard Economics Institute, CNN, Adobe Analytics, Google Locations: New York
Record-setting holiday sales hit $12 billion
  + stars: | 2023-11-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
New York CNN —Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices. Another popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. In another sign of sturdy consumer spending, Americans continue to travel aggressively. That’s down 63 cents from the peak in September and marks 60 consecutive days of falling gas prices.
Persons: New York CNN —, ” Michelle Meyer, men’s hoodies, Mastercard SpendingPulse, , Mastercard’s Meyer, That’s, Sensormatic, Covid, Meyer, ” Meyer Organizations: New, New York CNN, Mastercard Economics Institute, CNN, Adobe Analytics, Adobe, JCPenney, Mastercard, SpendingPulse, Bank of America, Transportation Security Administration, Federal Reserve, AAA Locations: New York
This shows inflation-adjusted monthly retail spending for the past three decades. You can see the pattern even more clearly by looking at each month’s spending as a percentage of the yearly total. In the midst of the Great Recession, people cut back on nonessential holiday spending, and end-of-the-year purchases took a significant hit. This seasonal trend is robust enough that it’s visible in our economy beyond just end-of-the-year retail shopping and food. Americans’ ability to spend their way through the darkest months of the year is a key component in the health of the economy.
Organizations: ust
On Wednesday, the Federal Open Market Committee will announce whether it will raise interest rates again or implement a pause. AdvertisementAdvertisementHatzius also said at the NYU forum that "we've seen a very substantial rebalancing of the labor market." "We have seen clear evidence that inflation is moving down to the Fed's target, or strongly in the direction of the Fed's target, without a substantial deterioration in the real economy," Hatzius said. "We're entering a period where consumers are returning to an environment where they're much more dependent on the path of the labor market, on the flow of income creation," Meyer said. Goldman Sachs predicted those events could stunt economic growth — and complicate the Fed's job in the months to come.
Persons: Jerome Powell, Powell, Jan Hatzius, Goldman Sachs, we've, Hatzius, Nick Bunker, it's, Bunker, Julia Pollak, Pollak, Michelle Meyer, Meyer Organizations: Service, Federal, Economic, North America, Bureau of Labor Statistics, NYU, Jackson, Mastercard, Politico, of Labor Statistics, Fed Locations: Wall, Silicon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard: Retail sales are expected to grow by 3.7% during the holiday quarterMichelle Meyer, U.S. Chief Economist at the Mastercard Economics Institute, dives into Mastercard's Holiday Sales Forecast.
Persons: Michelle Meyer Organizations: Mastercard, Mastercard Economics Institute
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard SpendingPulse shows strong consumer demand for experiences and e-commerceMichelle Meyer, Mastercard Economics Institute Chief U.S. Economist, breaks down the results of Mastercard's May SpendingPulse snapshot.
Persons: Michelle Meyer, Mastercard's Organizations: Mastercard, Mastercard Economics, Chief U.S, Economist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer outlook rests on the labor market, says Mastercard Economic Institute's Michelle MeyerMichelle Meyer, chief U.S. economist at the Mastercard Economics Institute, and CNBC's Steve Liesman join 'The Exchange' to discuss food inflation relief, potential Fed dissenters, and consumer spending trends.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew data from Mastercard shows continued consumer spending, retail sales up in FebruaryMastercard Economics Institute's Chief North American Economist Michelle Meyers gives Worldwide Exchange the first look at a new report on consumer spending.
"The resounding strength of January employment report does not change our view of the labor market. Significant imbalances remain in the labor market due to too much excess demand and limited labor market slack," added Michael Gapen, chief U.S. economist at Bank of America. That's because they see the jobs report gain of 517,000 as a potential impetus to push the Fed into more aggressive interest rate hikes. He thinks future months will show a slowing labor market that will force the Fed into halting its hikes. "From a data-dependency perspective, the strength of the labor market suggests there might be need to continue to raise interest rates."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers still spending, despite changes in what they're buying, says Mastercard Economic Institute's MeyerMichelle Meyer, Mastercard Economics Institute chief U.S. economist, joins 'The Exchange' to discuss consumer spending data.
Here's how the U.S. economy could escape a recession in 2023
  + stars: | 2022-12-30 | by ( Jeff Cox | ) www.cnbc.com   time to read: +12 min
The U.S. economy heads into 2023 facing what might be the most anticipated recession in history. That basically means some parts of the economy will feel like they're in a recession while others won't. "Some areas of the economy may not feel like they actually are in recession. "For certain parts of the economy, it will feel like a very deep recession. For other parts, it will feel like a healthy growth economy, particularly in the parts of the economy where we see strong demand," she said.
The Adobe Analytics report predicts spending on Cyber Monday to rise 5.2% as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. "With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season's best deals," said Mastercard Chief U.S. U.S. shoppers also spent a record $9.12 billion online on Black Friday, according to Adobe Analytics. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls saw thinner crowds than usual.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLabor market strength should persist through end of year, top economist Michelle Meyer predictsMichelle Meyer, Mastercard Economics Institute U.S. chief economist, joins Melissa Lee and the Fast Money traders to discuss expectations for tomorrows jobs report, signs of disinflationary pressure among core goods and excess demand and lack of supply resulting in labor market tightness.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell is completely committed to cooling down the economy, says Mastercard's MeyerMichelle Meyer, Mastercard, joins 'Closing Bell' to discuss what the Fed's decision to raise interest rates 75 bps could mean for consumers.
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