Jan 29, 2024 - Economy

Americans’ casino spending is soaring

Data: FactSet, U.S. Bureau of Economic Analysis; Chart: Axios Visuals
Data: FactSet, U.S. Bureau of Economic Analysis; Chart: Axios Visuals

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.

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