The Comeback Kid: Economist Diane Swonk Takes a Closer Look at the U.S. Consumer
CHICAGO--(BUSINESS WIRE)-- In the April issue of Themes on the Economy®, Diane Swonk forecasts that "consumer spending is expected to pick up after a lull (due to sequestration) in the second quarter. Escalating wealth, easier credit, increased refinancing and a savings drain will more than compensate for persistently lackluster wage and income growth." Many of those factors stem from rising home prices.
Mesirow Financial's chief economist notes that consumers who are ready to spend are not shy. "Spending on big-ticket durables, where pent-up demand is the greatest, is doing particularly well. Vehicle purchases, which take a lot more confidence to buy than an Easter bonnet, surged in March to the strongest pace since 2007."
Swonk cautions not all consumers are benefitting equally. "Renters and younger consumers are feeling their debt burdens become onerous, while home owners are watching the level of their debt burdens ease... the differential between the two... is due to the spike in student loans."
To learn more about why 2013 could still turn out to be the best year of the recovery for many consumers, read this month's issue of Themes on the Economy®. Or watch a video. Archived issues can be found at mesirowfinancial.com.
Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, it is an independent, employee-owned firm with approximately 1,200 employees globally. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, Mesirow Financial strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For more information about Mesirow Financial, visit its website at mesirowfinancial.com.
Karen Nye, 312.595.7147
KEYWORDS: United States North America Illinois
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