Jan 29, 2024 - Economy
Americans’ casino spending is soaring
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Americans are taking their cash to the casino at record rates.
Why it matters: It may be another sign that the consumer mood — which has been incredibly sour in the post-pandemic era, is getting much sunnier.
Context: Over the last two months the University of Michigan's consumer sentiment survey registered its largest jump since the end of the Persian Gulf War in 1991.
- The stock market has recently set a string of new record highs.
State of play: The consumer spending numbers published on Friday showed rip-roaring growth that suggests growing economic confidence.
💭 Thought bubble: If anything, the explosion of casino gambling might suggest that Americans are getting a bit too confident. But hey, that's the way animal spirits work.
