MARKETS

America’s Big Spenders

The US economy is on track to outperform every other G7 nation this year, according to the International Monetary Fund (IMF).  Retail sales rose 4.0% on a year-on-year basis in March. 

GROWTH DRIVER:  Lower-income consumers have been disproportionately affected by inflation, but they have also been the biggest beneficiaries of the robust labor market.  Lower-income workers have seen the largest cumulative wage gains since the start of the pandemic,” per economists at Bank of America Securities.