Part 1: Keeping an Eye on the Consumer’s Top-Line

Sep 11, 2023 | Macro Insights, No Bull Economics

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The consumer’s top-line benefits from a high employment rate, generous raises, and a healthy savings rate which indicates an income surplus.


  • As we hear from retail company after company, the consumer is hanging in pretty well so long as they remain employed.
  • More so, as evident by the chart below, the consumer benefits from generous post-covid raises that support their spending levels.
  • Finally, we note that while personal savings have been declining, the current 3.5% rate indicates that consumers still have something left over after paying all their expenses.   
Real Disposable Income, Average Hourly Earnings, and Personal Savings Graph

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