US consumers are showing signs of flagging after helping to prop up the world’s largest economy since the pandemic, according to a growing number of companies, economists and investors. Last week’s shaky start to the corporate earnings season has fuelled concerns that consumer strength has peaked, despite data on Thursday showing stronger than expected GDP growth in the second quarter, thanks in part to consumption spending.
“Real-time data” suggests that “consumers are starting to slow down”, said Max Gokhman, a senior vice-president at Franklin Templeton Investment Solutions, citing “reports from consumer staples names or financials saying we see consumers shift to value-oriented goods . . . or lower-end consumers taking more loans and spending less”. That could be welcome news for policymakers at the Federal Reserve as they prepare to meet this week to discuss when to start lowering borrowing costs.
France Dernières Nouvelles, France Actualités
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