US: Consumers are still increasing spending despite inflation – Wells Fargo – by MSalordFX ConsumerSpending UnitedStates Banks
Data released on Friday showed consumer spending rose above expectations in June. The 0.1% increase in real personal spending in June shows that even after adjusting for the highest inflation in more than 40 years, consumers are still increasing spending, if only incrementally, said analysts at Wells Fargo. They warn the increase in spending took the saving rate to levels not seen since 2009.“Like a dazed boxer still on his feet, the U.S.
“In our latest forecast, we have real PCE growth contracting in the fourth quarter of this year. If consumers pull back on spending sooner, that could pull forward the weakness, though if they remain resilient to higher prices and continue to spend, the downturn could very well be delayed.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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