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Consumer Spending Weakens in June as Expectations Sharply Deteriorate

executive summary Executive Summary

Last month we reported a dip in US consumer spending growth. Now our June ChangeWave survey shows a further and more significant weakening in consumer spending going forward. The survey of 2,590 US consumers, conducted between June 1-13, also shows a sharper-than-expected downturn in consumer expectations and confidence. And although spending on autos is registering a slight improvement this month, we’re seeing a decline in household repairs, durable goods, restaurants, travel/vacation and electronics.

On a positive note, the survey shows higher energy costs and inflation are now much less of a concern to consumers than they were previously. But our June survey is also picking up a surge in the percentage of respondents saying they’re saving more money and reducing debt. And we note that last summer – as consumer spending tightened and confidence plunged – we also saw a rise in the percentage of consumers spending less because they were saving more.

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