It’s been extensively reported that U.S. customers have been offended in regards to the state of the U.S. financial system. However why they’re so offended has been extra of a puzzle. Once we take a look at financial indicators for retail gross sales or shopper spending, we get a narrative about “the resilient American shopper.” But when customers have proven resilience, what’s powering their anger? Whereas a part of the explanation could be that so many customers say they’re worse off now in comparison with 2019, this sentiment raises questions as a result of the energy of the labor market, the energy of the U.S. financial system, and the resiliency of shopper spending all counsel the U.S. shopper is doing higher as we speak than earlier than the pandemic.
