Did you know that the balance sheet of the average consumer in the US is the strongest it's ever been? We go over the why behind it in this week's Arista Advice.
Hello, welcome to Arista Advice! Question of the week is: "Paul, how is the consumer sentiment?" Well, let me first give you an overall understanding.
The balance sheet of the average consumer of American citizens is the strongest that it's ever been. There is over $2.0 trillion in checking account balances in the United States from JPMorgan. Consumer spending is up 25%. Debt service ratios are low. Wage growth is up. Home values are up. Stock prices are up, and unemployment is down. There is 10.3 million job openings. There's 8 million people looking for jobs. More jobs have been created in the US than there are people to fill them.
The Fed is working to slow down the economy. I believe that they'll be very successful in slowing it down. They stimulated it in 2020 and 2021, and now they're working to slow it down. I believe they'll have a successful mission in slowing it down because they have many arrows in their quiver.
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