May 2024: Consumer Spending growth remains positive but on a slower path
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Real consumer spending and disposable income are now running below 2% on a 6M annualized basis.
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The current weakness in real spending is coming from the goods sector, durable goods more specifically
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Real disposable income has yet to fully recover from the inflation surge of 2021/2022, and growing below the average after 2009.
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Saving rate continues to be very low according to history, with not much runway to decrease
