Review the latest Weekly Headings by CIO Larry Adam.
Key Takeaways
- Child Tax Care Credit A New Source Of Fiscal Stimulus
- Wealth Effect Has Benefitted Consumer Confidence
- Withholding Taxes May Keep Reaching New Record Highs
Amazon hosted its 6th Annual Prime Day this week, and consumers spent a record $11+ billion—a hopeful sign of what’s to come during the critical back-to-school and holiday shopping seasons in the second half of this year. This impressive sales figure is inclusive of results from similar bargain campaigns run by Walmart, Target, Best Buy, and Kohl’s, as these retailers were not going to stand idly by while Amazon, which may soon become the largest retailer, enjoy all the sales. But instead of focusing on the tactics companies are employing to capture critical e-commerce market share—a trend that should endure well beyond the pandemic-induced acceleration—we’ll focus on the broader strength of the US consumer. As the US economy reaches it peak growth in the recovery process, the consumer will remain the prime mover of economic growth over the next 12 months.
