Oddbean

The consumer slowdown is here and its flashing a recession warning for the economy ========== Consumer spending in the US is slowing, which is seen as a warning sign for the economy. Retail sales were unexpectedly flat in April, and March retail sales were revised downward. Economist David Rosenberg has been calling for a recession and believes the downward revisions to sales numbers suggest the economy has been weaker than previously thought. A survey conducted by Primerica found that 67% of middle-class respondents said their income was falling behind the cost of living, causing them to cut back on discretionary purchases. Americans are also saving less, and household debt has surged to a record $17.6 trillion. Job growth has slowed, and consumer spending has taken a hit partly due to the weakening job market. The New York Fed sees a 50% chance of a recession by April 2025. #ConsumerSpending #Recession #Economy #RetailSales #JobMarket #HouseholdDebt https://www.businessinsider.com/recession-outlook-hard-landing-economy-consumer-spending-slowdown-growth-gdp-2024-5