US weekly wages are steadily outpacing inflation for the first time in two years. PepsiCo and P&G have retained power to charge shoppers more. It may be a while, however, before producers of discretionary goods can do so again, says BenWinck
WASHINGTON, Aug 10 - The United States may be over the hump on inflation, but consumers aren’t acting like it. Spending is growing at the same pace as last year, and most Americans expect their finances to either stay the same or get worse, according to a closely watched. Lingering restraint will stretch the power of price elasticity to its limits.
Household budgets are finally resisting rapidly rising costs. Average weekly wages have climbed 3.5% over the past 12 months, including the most recent figuresby the U.S. Bureau of Labor Statistics, exceeding the 3.2% rise in prices over the same span. Shopping hasn’t picked up at the same pace, however. Spending grew just 2.4% in the year through June, nearly matching last year’s rise.
Americans amassed during the pandemic is now exhausted, signaling a slowdown into 2024, Capital Economics researchers said in July.
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