Business Maverick: U.S. retail sales surprise to upside in strong boost to economy

despite the headwinds reflected the continued strength of the American consumer and the resilience of the nation’s“We maintain our confidence in the historic strength of consumers and fully expect a record year forAmericans are sitting on at least $2.5 trillion in excess savings accumulated during the pandemic. Wages are rising as companies scramble to fill a record 10.9 million job openings.

Claims were likely boosted by Hurricane Ida, which devastated U.S. offshore energy production and knocked out power in Louisiana. Ida also drenched Mississippi and caused historic flooding in New York and New Jersey. “There is no evidence here that the surge in COVID cases related to the Delta variant is forcing a retrenchment in the economy,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

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