“Consumption is the sole end purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”
– Adam Smith
The Through Line: Personal consumption represents the largest single component of economic activity in both the U.S. and Canada, yet key factors that influence it are frequently mischaracterized or misjudged. Having an accurate read of consumer behavior offers a vital perspective on forces that could shape the trajectory of growth and specific industry outcomes in coming quarters. We examine some of the contradictions using a bit of logic and a healthy dose of pictures.
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