Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP
Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why American consumers will remain a bright spot in the troubled global economy

  • US factory output is shrinking, but the economy is holding up because of robust private consumption
  • One reason why Trump hasn’t backed down in the trade war may be that key battleground states in the presidential election have enjoyed the strongest growth in personal income

Nicholas Spiro
Nicholas Spiro

Updated: 4:55am, 6 Dec, 2019

Why you can trust SCMP
Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP
Shoppers wait to enter the Macy’s department store in New York on Thanksgiving Day, November 28. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.