New Jersey 101.5 wants to know “Summer is fading fast: Will NJ consumers keep spending?” Inflation and interest rates continue to rise and there is concern that NJ will head into a recession if the spending doesn’t keep pace.
But Hughes suggests, “The labor market shows no real signs of collapsing anytime soon, and that’s what would cause a really bad drop in consumer spending.”
Hughes notes that retail may take a hit because spending on goods is shifting to travel and entertainment, noting “the restaurant business is enormously strong.”
