Spending is key driver of US economy but shows signs of slowing as impact of past inflation lingers
US retailers are extending their one-day seasonal Black Friday discount offers into a sales event lasting weeks in a bid to tempt US consumers to keep spending, as data suggests that their spree which has driven economic growth is beginning to falter. Walmart, Amazon, Target and Macy’s are among the US retailers already offering deep discounts under the banner of Black Friday, long before it actually arrives this week.
The prospect of a fresh round of tariffs under Donald Trump’s incoming presidency raises the risk that inflation could take off again, economists have warned — posing a fresh drag on sentiment. “Donald Trump’s return to the White House with a Republican majority to higher inflation, slower GDP growth and increased budget deficits,” Roland Fumasi, food and agribusiness analyst at Rabobank, said in a note.
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