“There is decent-to-strong growth overall, but a lot of that spending power is going into other places,” said Frank Badillo, director of research at MacroSavvy. “It’s going into buying cars. It’s going into eating out. And it’s going into primarily other services…health care is taking a little more out of people’s pockets.”
Even though the U.S. is not currently in a recession, Badillo said, “If you look at retail, there are sectors that are performing at levels that it’s not surprising people might think we’re in a recession.”
This is an excerpt from Women’s Wear Daily. The full article is found here.