According to Mark Vitner, Senior Economist of Wells Fargo Securities, economic growth remains relatively sluggish. The overall outlook is that GDP growth expected in 2016 is only 1.6 percent. Homebuilding and consumer spending is driving growth which is offsetting sluggish global influences.
Once again the Millennial generation’s shopping patterns have influenced the retail markets. Online shopping has affected job growth in the retail sector. Interesting how so much attention is given to the Millennials. Their generation is definitely influencing the world’s patterns.
The good news is that although in the recent months I’ve heard talk of a recession so many times, Mark Vitner suggests very little possibility of a recession in the near term.