Multi-speed world

A roving recession that hasn’t affected the consumer, yet, could turn into a stumbling recovery for everyone else. 

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Multi-speed world
Welcome to the Know the Difference Minute for Tuesday, October 17th.
Retail sales in September were surprisingly strong, again. Maybe we should stop being so surprised by the Energizer Bunny that is the consumer.
Industrial production was up in September and isn’t showing signs of being affected by the UAW strikes.
It’s a multi-speed world. Consumer spending at furniture stores is down 5.9% from a year ago, but online sales are up 8.4%. Restaurant sales are up an impressive 9.2% over the last year and show no signs of slowing.
Manufacturing has been in a recession and is showing signs of getting a footing, but it’s still early days. Construction activity has perked up recently, but it’s still down 2% from last September.
A roving recession that hasn’t affected the consumer, yet, could turn into a stumbling recovery for everyone else. It’s not great, but it isn’t all bad.
I’m Brian Jacobsen, Chief Economist at Annex Wealth Management. That is your Know the Difference Minute.