A few economists cited in a pair of articles about the economy have given measured thoughts about economic growth. The summary seems to be that some economists think more people are going to buy things at Wal-mart, Costco, Khols, Harbor Freight, and other retailers (in-store and online). They hope people will go shopping. The thought is the 2016 shopping traffic will be good for the economy and they hope people will spend more.
At the same time, they see that people are holding onto their money more than they have in the past. People are more careful with their cash in the current economic climate. Still, they have place most of their hopes in the consumer spending.
Businesses are creating jobs and hiring people, but new jobs and hiring just isn’t growing as much as expected. Based on the analysis, businesses are cutting back and US businesses are having problems selling stuff in other countries. On the other hand, companies in other countries are bringing products into the US at a far greater discount. Industrial US business, except for consumer driven industries, has some challenges. According to the reports.
All said, there may be less growth in high-flying jobs (what was called white-collar) over the next few years. Other types of jobs however may decide the fate of consumer driven economics in the near term. At the same time, you have younger generations who are more savvy with technology in terms of side businesses. They are less tied down by traditional constraints on employment. The changing nature of the automation (across all sectors) and those areas where durable value exists seem to be the pillars of fortune going forward.
MSN (1/29/2016) | Economic growth cools as consumers temper spending
MSN (1/30/2016) | Tale of two economies as Americans thrive, companies dive
MSN (1/29/2016) | Why millennials want to quit their jobs