Economists and analysts say, wealthy shoppers are driving growth in U.S. consumer spending, and thus the process of formation of the economic recovery support, while the majority of Americans do not want to cover up the fact that in spending.
Tiffany (Tiffany & Co) (TIF) and Coach Inc (COH) in retail sales growth, mainly due to price of $ 6,000 diamond pendant priced at $ 1,200 purse and rising demand, the reason is the sharp rise in the stock market so that wealthy shoppers become more abundant at hand. On the other hand, the world's largest discount retailer Wal-Mart (WMT) are published reports that rely on wages to survive, "ordinary Americans" are being cut spending, because they are waiting for improvement in the job market prospects.
JP Morgan Chase (JPM) chief economist, Michael had worked at the Fed - Ferrari (Michael Feroli) said: "The rise in retail sales is the main cause of increase in expenditure of high income families, these families from the rising trend in the stock market to benefit Up. "
Analysts said consumer spending trends this imbalance may help explain why the Fed will maintain the benchmark interest rate close to zero, and the completion of the second round of "quantitative easing" program, which is this year June before the acquisition of 600 billion U.S. dollars of U.S. Treasury bonds. Last year, although economic growth has accelerated, but the average U.S. unemployment rate remains as high as 9.6%, the highest since 1983, the highest level.