US Consumer Spending Declines Amid Trade Tensions and Economic Slowdown
TL;DR Summary
US consumer spending declined in May for the first time since January, influenced by a drop in auto sales and reduced spending at restaurants and hotels, amid rising inflation and ongoing trade tensions. Economists warn that these factors could lead to a slowdown or recession, especially as consumer resilience weakens with rising debt and falling savings.
- Americans reined in their spending last month CNN
- US Consumer Spending Drops in May, Price Pressures Remain Muted Bloomberg.com
- US consumer spending falls as pre-tariff boost wanes Reuters
- Consumers cut spending on cars and restaurants tariffs kicked in. Trade wars weigh on economy. MarketWatch
- Cooler spending and inflation data reflect slowing economy The Real Economy Blog
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