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2025-10-16 23:52:33
Multiple data points to a slowdown in US spending in September. Credit card transactions and private sector data suggest that US consumer demand slowed last month. Analyzing high-frequency spending data, including credit card borrowing and same-store sales, economists suggest that consumers are tightening their belts after a strong 4.1% annualized increase in retail activity in the previous three months. Bank of America economist Shruti Mishra noted, "From June to August, spending has been trending downward month-over-month, and you won't see the same growth rate going forward." Credit and debit card data from the data analytics platform Second Measure show that consumers showed a weakening appetite for discretionary purchases such as furniture, electronics, and appliances last month. Bank of America's credit card data also suggests cooling demand. Barclays economists say that based on a model that incorporates disposable income, stock market wealth, inflation, consumer confidence, and credit card spending, retail sales momentum in September "may have weakened."
