Rachel Wolfe

speaker

900 appearances 20 recordings 1 series first heard Mar 2022 last heard May 2024

Rachel Wolfe’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Are Consumers So Pessimistic About the Economy? · 19 Jan 2023 podcast

It's true that nominal wages did increase in many countries. matched

However, they did not actually keep up with inflation. matched

What that means is that inflation has caused consumer purchasing power to plummet. matched

So the amount that you can buy for the money that you're making matched

has decreased tremendously over the past year so real global monthly wages which is when you factor in inflation fell 0.9 percent in the first half of 2022 around the world that was the first time this century that real global wages have fallen matched

And that can really add to the stress that consumers are feeling as they're walking through a grocery store aisle, as they're out on a date, as they're deciding whether or not they really need another haircut this year. matched

People are not spending the way that they were a year ago, two years ago before the pandemic. matched

They're having to matched

think harder about every little decision that they make as they go about their days. matched

You know, they're deciding, do they really need that cup of coffee at Starbucks? matched

Or will they suffer through the coffee from their office coffee machine? matched

And matched

That impacts consumer sentiment and consumer spending and, of course, the economy. matched

The power of the American consumer's wallet really cannot be overstated. matched

How people are spending their money creates a domino effect that ripples throughout the economy. matched

It determines the budget for local businesses. matched

It determines the supply of everything from vacuum cleaners to bikes. matched

And it predicts what the economy might look like in the months and years ahead. matched

And their portfolio and 401k are really what they're looking at when they're deciding to retire. matched

So the past year has made it much more difficult and economically challenging to retire. matched

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