Watch Stocks, Not Pump Prices, to Gauge US Consumer Resilience
Surging equities have been supporting confidence. March’s 5% slump in the S&P 500 will hurt.
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I’m Matthew Boesler, an economics editor in New York. Today, we’re looking at the outlook for US consumer spending. Send us feedback and tips to ecodaily@bloomberg.net. And if you aren’t yet signed up to receive this newsletter, you can do so here.
Much of the focus on US consumer resilience since the Iran war broke out has been on Americans’ ability to cope with higher gasoline prices. Evidence suggests it’s better now than in past decades. Where the vulnerability may instead lie is the stock market.