Americans Are Cutting Back on Spending. Here's Why That Might Not Matter for SpaceX Investors.
Consumer weakness is not the main issue SpaceX investors should be watching.
Overview
Americans are still spending, but they are getting more cautious and looking for deals. A recent University of Michigan survey showed that Americans expect inflation to be 4.6% over the next year, down slightly from an expectation of 4.8% in May.
On the first day of Amazon's Prime Day event, U.S. online spending rose 5.3% year over year to $8.3 billion across retailers, according to Adobe Analytics, a part of Adobe, which expected the four-day event to drive $26.3 billion in U.S. online spending. Meanwhile, Costco Wholesale's (NASDAQ: COST) May sales rose 14.5% year over year to $20.95 billion. This shows that value-oriented platforms can still win when shoppers are under pressure.
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Originally published at www.fool.com.