by Wolf Richter, Wolf Street:
In January, consumers carried on in hunky-dory land.
Consumer spending accounts for roughly 70% of the economy as measured by GDP. When and how will the reaction by consumers to the coronavirus – dollars spent and not spent – become visible in the overall economic data? That’s the question we’ll try to find answers to going forward. But according to the Bureau of Economic Analysis today, in January, American consumers in aggregate were still in hunky-dory land.