While last year’s blues negatively impacted most sectors, the consumer goods industry has proficiently weathered the strong headwinds of sky-high inflation and the Fed’s aggressive interest rate hikes. BofA’s recent report indicates that 2022 was a solid year for consumer spending, with total credit and debit card spending per household up 5.9% year-over-year.
In addition, U.S. consumers got a reprieve from soaring prices in December as the consumer price index dipped 0.1% last month after gaining 0.1% in November. JPMorgan Chase & Co. (JPM) CEO Jamie Dimon said, "The U.S. economy currently remains strong with consumers still spending excess cash and businesses [are] healthy."
