China’s economy has been growing for the last 25 years, but its population is still large. As a result, there are many low-income families who have taken up smoking from a variety of circumstances and who need tobacco to feed their children. These two things have made them the largest consumer of cigarettes. With these in mind, many expect China to be the world’s number one consumer market in a few years.
But in reality, the biggest consumer in the world for years is the United States of America. The American consumer market is a whopping 29 percent of the world market, with $31 trillion spent each year. With that much money sloshing around there’s going to be some impact on GDP from time to time – but what about next quarter? Or maybe you’re more interested in how this will affect jobs and wages over the long term instead; good news! The strong dollar has been making imported goods cheaper for Americans while also deterring exports which have kept our growth rate relatively low during an otherwise booming economy so far as indicated by recent numbers coming out of Kiplinger Magazine (which was published late last month). In addition employment figures are looking promising too: despite being down 2% at present levels compared to last year, job growth is still strong.
The main thing to keep in mind with the American economy right now is that it’s not really one single story but rather a collection of different ones all taking place simultaneously. The media has been focused on services and manufacturing jobs since those are two sectors that have had trouble holding up their end of the bargain during the recovery and they’re certainly both important to keep an eye on. But so far as we can tell from numbers coming out of Kiplinger Magazine (which were published late last month) there’s more than enough going well in other sectors which should provide a long-term boost to our economy at present levels despite this slowdown that everyone is talking about.