Inflation continues to be higher than the Fed’s target levels. However, despite the soaring prices, consumer spending remained pretty strong. According to the Commerce Department, retail sales rose 3% in January, beating the 1.9% Dow Jones estimate.
Joel Naroff, president of Naroff Economics LLC, said, “Consumers are in pretty decent shape.” He further added, “When people are comfortable in their job situation, that translates into consumer spending.”
