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. ...
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Scanning The U.S. Consumer: Conservatism, Not Collapse