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MAGS - Scanning The U.S. Consumer: Conservatism Not Collapse
Magal Security Sys
2024-08-01 07:58:00 ET
Summary
We do see signs that consumers face more financial stress than they have over the past few years.
Based on personal consumption expenditure data, services spending is growing faster than goods spending, and is almost back to its pre-pandemic share of wallet levels.
The consumer’s debt-service ratio has remained low even though rates have not yet started to fall.
By Eric Winograd & Kevin P. Tomassetti, CFA
Demand growth is cooling, but evidence suggests that overall fundamentals are still sound. ...