Multiple indicators show a slowdown in U.S. consumption in September

Jinse Finance reported that multiple credit card transactions and private sector data indicate that U.S. consumer demand slowed last month. After analyzing high-frequency spending data such as credit card lending and same-store sales, economists stated that consumers have begun to tighten their spending following a strong 4.1% annualized growth in retail activity over the previous three months. Shruti Mishra, an economist at Bank of America, pointed out: "From June to August, there has been a month-on-month slowdown in spending, and you won't see the same growth rate as before going forward." Credit card and debit card data from data analytics platform Second Measure show that last month, consumers' willingness to purchase non-essential goods such as furniture, electronics, and home appliances weakened. Bank of America's credit card data also shows cooling demand. Barclays economists stated that, based on a model that includes disposable income, stock market wealth, inflation, consumer confidence, and credit card spending, the momentum of retail sales in September "may have weakened."