The First US Cable Boat for Offshore Wind Starts Work in Trump's Shadow
The Marmac 306, a 300-foot (91-meter) barge built in Louisiana by Norwegian cable company Nexans SA and operated by US maritime company Crowley Maritime Corp., started work this month. It's digging a trench for the cables that will transmit the electricity generated by Equinor ASA's $5 billion Empire Wind 1 project all the way to the Brooklyn power grid.
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U.S. Alcohol Consumption Hits 90-Year Low - Zero-Proof Spirits Like Arkay and Beyond Spirits Are Filling the Gap
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Consumer health is 'relatively sunny,' but some risks persist
Retail sales rose 0.5% in July, slightly below Wall Street's estimates. Meanwhile, preliminary consumer sentiment for August declined to 58.6 from the previous reading of 61.7. Bank of America Institute senior economist David Tinsley and Fitch Ratings senior director David Silverman join Market Catalysts with Julie Hyman to discuss the data and the health of the consumer. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. You mentioned the your bank's credit card data, which is a great source of what people are doing, sort of, in real time. What about its predictive ability, right? Are there any signs telling you whether, to David Silverman's point, you know, kind of whether that it is going to keep up going into the fall? Well, I'd point to two things in our latest report. Uh, and in a sense they're cross-cutting. One is, we see weakness at the lower income consumer end. So in our data there's virtually zero growth year-on-year in consumer spending for the bottom third of households by income. But the good news, I think, is that middle and higher income households are continuing to spend. So, I think, you know, that does bode uh, reasonably well in terms of going forward. And then the other thing I'd just mentioned is that when you look at some of the metrics of financial health for the consumer, like their ability, essentially, to spend on their credit cards, whether they're paying off their full balance every month, these look pretty good, better than they did in 2019. So, I think, you know, there's some, there's some, you know, clouds out there if you like, but by and large, the picture is still relatively sunny. Um, David Silverman, what about though, in particular, that low-income consumer? Um, who are the retailers that are sort of most exposed to that consumer? Can we expect that they are going to see some struggles? Yes, so, those, those retailers would be discounters and dollar stores are some of the primary examples. What's become interesting over the last couple of cycles is a lot of these retailers, uh, will both benefit and be negatively impacted by some of this dislocation in the low-end consumer. Uh, we could see trade down that benefits, uh, companies like Walmart and, and, and Target and Costco and, and Amazon. Uh, that being said, a lot of these companies, uh, over the last number of years have added discretionary products to their mix. Uh, and there's some risk that the low-end consumer pulls back on, uh, purchase of these types of items. Uh, so we could see some, some positives and some negatives, uh, that a bit offset each other, uh, as you know, the, the low-end consumer struggles a bit in the current environment.
