While overall delinquencies are OK for now with people working, financial stress is evident by a sharp decline in mortgage applications & increasing problems with sub-prime borrowers.
Lots of red in our Bubble Monitor for the week ending June 9, 2022.
State of the Consumer: (1) While government stimulus was successful at buoying the 2-year annual growth rate for total retail sales to a level slightly higher than pre-lockdown results, there was a clear market share shift among industries as consumers pivoted to a new reality; (2) The key question is how much grocery spend will return to the restaurant space over time?
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