Wall Street analysts are raising warning flags about the U.S. consumer. They account for 70% of the pie.
The warning signs for the U.S. consumer are starting to build as pivotal holiday shopping season nears and the Federal Reserve considers when to stop hiking interest rates. While consumer spending data has been surprisingly resilient this year, there are signs that household wallets may have hit their limit. That's critical since consumer spending accounts for roughly 70% of all economic activity in the U.S.
Wolfe Research strategist Chris Senyek said in a note to clients Tuesday that trends like a falling quits rate — the number of people who quit their jobs each month as a percentage of employment — and rising loan delinquencies are signs that the consumer is under pressure, even if wages continue to climb. "The U.S. consumer will determine whether or not the U.S. economy glides down for a 'soft landing' in the months ahead.
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