Baby boomers have been America's secret weapon for fending off recession
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Baby boomers are spending heavily on services, boosting payrolls and income, repelling recession. The generation has started to retire with a record $76 trillion in net worth and is spending on restaurants, cruises, traveling, and healthcare. This spending has expanded the service industries' payrolls, boosting real incomes and fueling more spending. While the goods sector has shown signs of a growth recession, goods spending remains at a record high. Retiree consumption is one of many recession-canceling factors. The Federal Reserve's aggressive hiking cycle and flashing recessionary indicators were initially expected to cause a downturn, but the problems typically brought on by tight monetary policy have been largely overcome. Higher rates strengthened consumer resiliency, and the baby-boomer focus on service spending may have deformed indicators, making things look gloomier than they are.

#BabyBoomers #Recession #ConsumerSpending #Retirement #Economy

https://www.businessinsider.com/us-recession-baby-boomer-consumer-spending-downturn-retirement-hard-landing-2024-5