Service Strength

This recession has been different from all others not just because spending on goods boomed, when normally it falls, but because spending on services, which usually barely dips, tanked. In 20Q4 Y-o-Y inflation-adjusted goods spending was up 7.2%; it was down 6.8% for services! With savings rates way up and much of that money among the well-heeled, spending on services could recover quickly without much hurting sales of goods.

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