Consumer Confidence and Strong Economy Points to a Very Merry Holiday Shopping Season
Nationally Syndicated Host Dan Celia: Americans Finally Seeing Progress That Could Impact Their Bank Accounts
PHILADELPHIA, Pa.—Cash registers ring, are you listenin’?
As the official Christmas shopping season kicks off Friday, American retailers are hoping the buoyed spirits and purchasing practices of consumers will indeed put them in the black.
Nationally syndicated host and biblical stewardship authority Dan Celia says the 2017 shopping season could be one of the best in recent years, thanks to increased consumer confidence, lower unemployment and realistic visions of tax cuts.
“Analysts like me are closely watching the progress of tax reform and the repeal of the Obamacare individual mandate in Washington,” Celia said. “Any movement in a positive direction for tax cuts or tax reform will be good for the markets—and good for optimism in general. This will translate to a spike in holiday spending and a boost for the economy overall. Unemployment is down and the consumer outlook is good, as Americans finally see glimpses of real progress that will directly impact their bank accounts.”
A strong October suggests happy holidays ahead, according to Market Watch. With stocks solid last month, the outlook for the holidays, economically, is good. And a recent Gallup poll also found that consumers’ Christmas shopping plans suggest retailers could see the best holiday sales in years. Americans say they will spend about $906 on Christmas gifts, up from $785 in October 2016 and representing one of the biggest year-over-year increases.
CNBC also recently reported that consumer confidence hit its highest level since December 2000, coming in at 125.9 in October. Likewise, employers hired at a strong rate in October, adding 261,000 jobs, reported the Wall Street Journal. Meanwhile, the unemployment rate fell to a new low, at 4.1 percent last month, also the lowest figure since December 2000.
And according to Bloomberg, the economy is heading into 2018 with strong momentum that’s likely to boost wages and inflation more broadly, which, Goldman Sachs says, will require the Federal Reserve to raise interest rates four times next year.
Celia leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org) and focuses on important economic news and biblical investing during his daily, three-hour show, “Financial Issues,” which airs on about 640 radio stations around the country and is also seen nationwide on NRBTV, reaching 45 million households.
Read more about Celia, FISM and “Financial Issues” here. Visit the Financial Issues Stewardship Ministries web site at www.financialissues.org, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues. Download the new Financial Issues app here.