U.S. employment and consumption are solid, but...Easing Polarization Is Trump's Challenge

[Anchor]
Consumption and employment, the backbone of the U.S. economy, are solid despite the shadow of high prices and high interest rates.

However, as polarization has turned out to be serious, Trump has been given a task to come up with policies that will make Americans feel economic growth.

I'm correspondent Lee Seung-yoon from New York.

[Reporter]
U.S. retail sales rose 0.4% month-on-month to $729.2 billion last month, which gauges changes in consumption, the backbone of the U.S. economy.

Economists analyzed that consumption was strong thanks to low unemployment and higher wages despite high prices and interest rates.

The U.S. job market was also solid.

The number of new unemployment claims fell from 300,000 before the COVID-19 outbreak to 217,000 last week.

In the meantime, Bank of America and Morgan Stanley's net profits more than doubled in the fourth quarter of last year from a year ago, continuing banks' "surprise profits."

The problem is that polarization is getting serious.

Wealthy consumers are spending more thanks to stock investments and rising home values, while low-income consumers are spending less due to higher prices, AP reported.

[McCala / U.S. Citizens: You can make the right choices so that you can live in a world where you have a fair chance. At least you should be given a chance.]

[Harold / American citizen: I've had problems once, but I've worked all my life. America needs to be fair. Right and wrong should be clear.]

For Trump, who raised the Biden administration's theory of failure to manage prices, economic policies that ease the level of polarization and allow Americans to experience economic growth have emerged as critical challenges.

I'm YTN's Lee Seungyoon from New York.