Executive Briefings > United States

US Sub-national Executive Briefing – October 2020

Consumer spending is recovering but the rebound is far from complete, with discretionary outlays under tremendous pressure and unlikely to normalize until a health solution is found. The pandemic and subsequent fiscal support have had a differentiated impact on spending patterns, with a clear distinction between goods and services outlays as well as between low- and high-income earners. Looking ahead, consumer spending growth will slow as the pandemic persists, the labor market recovery shifts into a lower gear, and the boost from fiscal support fades. 

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