The consumer still looks good according to the government’s recent release of personal consumption expenditures (for August 2023), reflecting steady growth in both disposable income & consumption expenditures.
Commentary
- We are keeping an eye on increases in gas expenditures & interest payments which have been the focus of news headlines. However, despite the growth of these spending categories, they continue to look manageable as a % of disposable personal income as evidenced by the bottom chart.
