Spending at high-end retailers and hotels is picking up, while grocery stores and mid-level family restaurants are being "squeezed," reports Diane Swonk, chief economist for Mesirow Financial in Chicago. (Christina House, For The Times /March 14, 2014)
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How's the U.S. economy doing?
If you're rich, the answer is "fabulously."
Here are some data points from Diane Swonk, chief economist for Mesirow Financial in Chicago. "Spending at luxury retailers has come back," she told the Senate Finance Committee last week. High-end merchants routinely "sell out of purses with price tags in the thousands of dollars, before they even hit the shelves in New York. Spending at high-end restaurants is picking up.... Demand is on the rise for boutique hotels catering to the demands of the wealthiest clientele."
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