American reports monitored an increase in Americans’ spending at this time of the year compared to previous years, and confirmed that Americans spent more money this year than before during the Christmas and New Year’s shopping season.
According to a report in the American newspaper “The Hill” published in Washington, published on Tuesday evening, retail sales in the United States, excluding car sales, increased by 3.1% compared to last year, according to data issued by the “MasterCard Plus” Foundation.
In this regard, Michelle Mayer, chief economist at the MasterCard Economics Institute, said in a statement: “This holiday season, consumers spent more than they did in the past.
There is optimism about the economic future in America, as economic conditions remain favorable with the creation of healthy job opportunities, easing inflation pressures, and enabling consumers to search for the goods they prefer.
Americans feel that the economy is heading towards growth in the new year, which supports their spending, and “The Hill” says in its report that the new year will bring more wages to millions of Americans, according to a new study conducted by the American Economic Policy Institute (EPI).
On New Year’s Day, according to the study, 22 states will raise their minimum wages, giving nearly 9.9 million Americans a pay raise. In total, workers will receive $6.95 billion in additional pay increases.
Additionally, 38 cities and counties will increase their minimum wages on January 1, raising them above the current state minimums. Consequently, the number of workers who will see an increase in their salaries will increase.
Analysis conducted by the Public Policy Institute shows that women will make up more than half of the workers who will receive a raise on the first day of 2024. The institute’s analysis believes that minimum wage increases will help poor groups increase their purchases.
These increases will also benefit families, as more than a quarter of the affected workers (25.8 percent) are parents, equating to more than 2.5 million people.
In general, more than 5.6 million children will benefit from this increase in getting the toys they want in the new year. Workers and families in need will receive support from wage increases.
Nearly one in five workers who receive a bonus have an income below the poverty line, and an even higher percentage, 47 percent, have an income twice below the poverty line.
In this regard, Mastercard SpendingPulse data showed a rise in online holiday sales in America. According to the data, there was a 6.3 percent increase in online sales this holiday season compared to last year.
Online shopping also broke last year’s numbers of about $200 billion. Clothing sales also rose this holiday season compared to last year, by 2.4%.
2023-12-28 06:49:40
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