Consumer Checkpoint

Spending softened in March, but continued wage growth, tax refunds, and easing rent inflation should support consumer momentum.

Consumer spending momentum is soft but stable, though there are signs lower-income households’ spending growth is slowing.

Though winter weather softened spending in January, consumers’ sentiment is on the rise and their financial health remains strong.

Consumers remain resilient as wage gains support low- and middle-income households, though some plan to pull back in 2024.

Holiday shopping and income growth supported consumer spending in November, with younger consumers more driven by promotions.

Low- and high-income household spending growth converges, high-income wage growth ticks up, and deposits remain elevated.

Consumer spending in September remains supported by a resilient labor market, but slowing wage growth and rising childcare payments pose risks. Learn more here.

While card balances and student loan payments begin to heat up, consumer spending remains stable and deposit balances elevated.

Consumer spending had a summer bounce in July, with lower- and middle-income households looking particularly resilient.

Overall consumer spending remains stable, but higher housing costs are impacting spending by renters more than homeowners.

While consumer spending has stabilized, rising housing costs and pending student loan payments are pressuring younger consumers.