As families begin to think about back-to-school purchases, Americans received a series of bad news about the economy this week.
According to analysis by Deloitte, back-to-school shoppers will spend, on average, a whopping $661 per student shopping for supplies. Compared to 2019, this is an increase of 27 percent, and compared to 2021, an increase of 8 percent.
Educational books and supplies are up 3.7 percent, girls’ and boys’ footwear is up 6.7 percent, sports equipment is up 8 percent, and music instruments are up 5.6 percent.
This demonstrates what we already knew: Americans everywhere are feeling the pain of inflation.
This week, the Commerce Department reported the Gross Domestic Product (GDP), the most comprehensive measure of goods and services produced by the American economy, shrank by 0.9 percent in the period from April through June. This second straight quarter of negative GDP makes it clear: we are officially in an economic recession.