The US consumer is the main driver of the economy
Personal Spending MoM US
Spending to Cool Off in August
Starts Friday, August 28, 2020 at 12:30
Updated Friday, August 28, 2020
Personal spending was growing at an average of 0.5% at the end of last year, but in January we saw a 0.5% decline in spending. It came back to positive territory in January growing by 0.1% but that is still pretty weak. The last two releases before the coronavirus for February and March which showed increased of 0.2% each month. But spending turned negative in April, declining by 7.5% that month and by 13.6% in April. But spending is expected to jump by 8.2% in May and by 5.6% in June. But, it is expected to cool off to 1.5% in July.
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About Personal Spending MoM US
Change in the inflation-adjusted value of all expenditures by consumers, published by the Bureau of Economic Analysis. This is significant data, though it tends to have a relatively mild impact because Retail Sales, which also covers consumer spending, is released about 2 weeks earlier. Consumer spending accounts for a majority of overall economic activity. It's one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.