WJR Business Beat

WJR Business Beat with Jeff Sloan: Consumer Spending Increasing in Summer 2021 (Episode 269)

On today’s Business Beat, Jeff discusses the rise in consumer spending, with a reported 1% increase in personal spending in June, according to the Bureau of Economic Analysis.

Tune in to the Business Beat, below, to learn more about the continued shift in consumer spending and what it means for businesses everywhere:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

Good morning, Paul!

People are spending, and for those of us who own businesses, that is certainly good news. U.S. consumers have upped their spending in June. The Bureau of Economic Analysis reports that personal spending increased about 1% in June — a welcome surprise after the slight decline in spending seen in May. As summer started and restrictions on businesses loosened, consumers spent about 1.2% more on services in June than in May and about a half a percent more in June versus may on goods.

June’s numbers reflect a continued shift, economists said, from buying things to enjoying experiences. The preference for activities like dining out, recreation and travel has powered the U.S. economy to rapid growth. The rise in wages, meanwhile, reflects a position of strength currently enjoyed by workers as businesses attempt to attract much-needed staff, and they’re doing that in many cases by offering fatter paychecks and other perks.

Significantly, the overall jump in spending came, despite the fading effect of government relief programs as fewer people collected unemployment benefits and stimulus checks. Now, one cautionary note, one thing that could derail the optimism and the economy, is inflation.

The Federal Reserve’s measure of inflation slightly accelerated last month, rising to 3.5 percent year over year in June, the largest increase since 1991. So, Paul, as long as inflation settles down, and as long as this Delta variant doesn’t throw a monkey wrench into the equation, we could actually be in for a nice little run for our economy going forward, and that’s welcome news for small business owners.

Our advice: carpe diem. Get it now while the spending’s hot.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

Previous Article
Cory Tincher

Life of Purpose: How Detroit's Cory Tincher is Facilitating the Growth of Startups in Our Region

Next Article
data paradox dell technologies

The Data Paradox: Why Data Can Be Both an Advantage and a Burden

Related Posts
Read More

WJR Business Beat: Which State Is Most Obsessed With Social Media? (Episode 414)

In today's Business Beat, Jeff Sloan offers details of a Hennessy Digital study on America's obsession with social media. Tune in below to find out the top 3 most obsessed states:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area...
sales team strategy
Read More

The Best Investments to Improve Your Sales Team Strategy

Creating and maintaining a thriving business depends on the success of sales performance. Essentially, the effectiveness of your sales team at generating revenue is directly related to the success of your business. Keeping your sales team motivated and helping them maximize their performance can be challenging, but with the right tools and investments, you can...