Read previewTalks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn.
AdvertisementInstead, only the goods sector has shown signs of a growth recession, Yardeni said.
But that's after the lockdown's hard-to-beat buying spree; today, goods spending remains at a record high when adjusted for inflation.
Related storiesBut to Yardeni, they're the reason no consumer recession has appeared in the past two years, he separately wrote in April:"The Baby Boomers watched a lot of 'Star Trek' during the 1960s.
AdvertisementMeanwhile, the baby boomer focus on service spending may also have deformed indicators, making things look gloomier than they are.
Persons:
—, Ed Yardeni, Yardeni
Organizations:
Service, Business, Financial Times, Boomers