NEW YORK—Consumer spending data indicate that the economic recovery has been stuck in neutral since mid-June, mirroring data of weekly jobless claims and hours worked by service sector employees, according to JPMorgan.
A JPMorgan chart, which measures use of select Chase credit and debit cards, showed that spending has been roughly 10% or more below its 2019 levels for over a month after rising sharply from its low point in late-March and early April.
There was also a gap between different age groups. Spending by Millennials and Gen Z consumers was down 4.1% relative to last year, while spending by Baby Boomers was down more than 18%, CNBC said.