Visa's spending momentum index dipped in April but still shows activity surpassing pre-pandemic levels.The index signals Americans are spending more than they did before the pandemic as they unwind pent-up demand.Americans continued to unwind trillions of dollars in savings throughout May, albeit at a less explosive rate, Visa said Wednesday.. The level suggests 59% of consumers spent more in May 2021 than in May 2020. Only 41% of Americans spent the same or less compared to one year ago.
The gauge tracks spending momentum — as opposed to dollars spent — among Americans. Readings from 0 to 100 indicate fewer consumers spent more relative to the year-ago period. Prints between 100 and 200 signal more Americans boosted spending activity year-over-year. "May marks the one-year anniversary of the beginning of the consumer momentum recovery," Wayne Best, chief economist at Visa, said."The SMI's strong reading again in May reflects the solid ongoing recovery taking place in the consumer sector."
The April SMI data also tracks spending habits just weeks after Democrats' $1.9 trillion stimulus measure went into effect. The relief package included $1,400 relief payments and a $300-per-week expansion to unemployment benefits. Economists largely attributed April's increase in consumer spending to the stimulus support.
Great news to see the economy starting to move.
Is this spending spree adjusted for inflation?
wow
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