WLWT: Consumer spending remains strong as prices rise
UC economist says savings, hiring has bolstered buying power
Grocery and gasoline prices have increased, but consumers' spending has remained strong as the holidays approach, Michael Jones, an associate professor of economics at the University of Cincinnati's Carl H. Lindner College of Business, told WLWT.
WLWT reported shoppers preparing for the Thanksgiving holiday are paying higher prices for items such as turkeys compared to last year. Gas prices are at their highest in eight years.
Bolstered by strong savings and hiring, consumers are still spending, though.
"And so, I think that will sustain consumer spending at least through the holidays," Jones said. "But as we get into that new year, I am concerned that some of that buying power is going to start to diminish unless changes are made."
Featured image: UC economics professor Michael Jones. Screenshot courtesy of WLWT video.
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