Rosenberg: U.S. Customers are spending money in an Improbable Location
David Rosenberg is chief economist with Gluskin Sheff Associates Inc. and writer of Financial newsletter Breakfast with Dave.
The U.S. consumer hasn’t ceased paying — that much is for certain. Nevertheless, the pattern has changed over the last year towards a very “cozy and homey” sort of background. It’s the sort of behavior that would have made June and Ward Cleaver really proud. Let us assess the situation.