Two key economic data points weigh on the minds of investors this week: the latest consumer price index and the producer price index readings.
Consumers are pulling back sharply on goods spending, Barclays says
For the first time since 2021, aggregate spending growth on a year-on-year basis in the Barclays U.S. credit card spending database fell below zero, analyst Renate Marold wrote to clients in a Tuesday note. It's been on the decline since the start of this year. "[Goods] spending by high-end consumers is falling fastest, with current goods spending nearly 10% below last year's level," Marold wrote. "This may suggest that the higher-income consumers are feeling the pinch in their wallets from inflation and are in the position where reduced discretionary spending on goods is possible."
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