June Consumer Spending Momentum Slowed From May: Visa
U.S. consumer spending expanded year over year in June but at a “slightly slower pace” than in May, reported Visa Friday. Its spending momentum index (SMI) suggests 53% of consumers in June were spending more than they did a year…
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earlier, while 47% are spending the same or less, it said. Compared with the pre-pandemic month of June 2019, 51% were spending more in June, down slightly from the 52% of consumers who were spending more in May, it said. “Consumer spending continues to hold up well,” said Visa Chief Economist Wayne Best. “Although there remains a lot of unevenness between regions, the SMI’s solid reading again in June reflects a continued broadening of the spending recovery across regions of the country.”