Tyler Schipper, an economist and associate professor in the College of Arts and Sciences at the University of St. Thomas, spoke to Scripps News on trends in consumer spending.
The Commerce Department issued new data regarding consumer spending in May and June. Prices rose 2.6% in June compared to a year ago and spending is down a half of a billion dollars. Consumers are less likely to make big ticket expenditures when they have uncertainty about the economy, said University of St. Thomas Economics Professor Tyler Shipper.
From the story:
The Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that tariffs are starting to lift prices for many goods.
“Consumers have uncertainty. They are less likely to make big ticket expenditures when they have uncertainty, and so you might imagine that you’re unwilling to go out and buy a big new washer or dryer or refrigerator if you think those prices are going to be too high right now.”
