Lower savings, higher wages, supporting consumer spending: CIBC’s Benjamin Tal
Benjamin Tal, deputy chief economist at CIBC, tells BNN Bloomberg he sees a shift in consumer spending from goods to services, which is less inflationary. He says lower wage earners are hurt more by inflation, but their wages are rising faster than higher earners, and that is supporting consumer spending. Meanwhile, middle- and high-wage earners are keeping their savings intact, but putting aside less every month.