Source: Economics Group of Wells Fargo Bank, N.A.
Summary
The May personal income & spending report brought weakness and revisions that suggest some lost-swagger among the consumer. While inflation is a bit less benign than it has been in recent months, if you look closely you’ll see signs of tariff-price pressure already appearing.Forget What You Thought You Knew About the Consumer
Real consumer spending fell 0.3% in the second month of the second quarter and that development comes on the heels of a sharp downward revision to first quarter consumer spending in yesterday’s third-look at GDP.