NEW YORK—Cracks in the “resilient consumer narrative are starting to appear,” according to one new report.
New data from Bank of America reveal spending on the bank's cards decreased 0.3% in the week ending Sept. 23 compared to the same period last year, Yahoo News reported.
“In fact, spending on BofA cards has been trending lower for several weeks now, and even lower when excluding auto and gas purchases,” Yahoo News said. “But many economists have said consumers have started to hold back and, thus, a slowdown is on the horizon. Other data … showed that might already be happening more than initially thought: Personal consumption growth in the second quarter, for example, was revised down to 0.8% from 1.7.%.”
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