Walmart, Home Depot, Macy's and Target are among the big retailers issuing earnings this week, Hope writes.
Why it matters: Analysts and economists are watching for signs of growing consumer weakness entering the sector's most important quarter of the year — the holiday season.
A new monthly Retail Monitor from CNBC and the National Retail Federation launched today shows that consumers took a break on spending in October, based on credit and debit card transactions.
The intrigue: In an interview at Axios' New York offices last week, Federal Reserve Bank of Minneapolis president Neel Kashkari downplayed the argument that excess pandemic savings — now dwindling — have been driving consumption over the past year and a half.
"Consumption was coming out of current income" as wages rose, he said.
In other words: The "flywheel" of the economy — more spending, higher profits and wages — is continuing to spin.
What to watch: "I'm not saying that this is going to go on forever. I do believe our rate increases are going to slow the economy down. But it's been remarkably resilient."
