Credit card data from JPMorgan Chase shows the economic recovery may be stalling

The data, disclosed by JPMorgan research in a note to clients, shows a continued divergence between different sectors, with spending in supermarkets and wholesale retailers up year-over-year but sharp drops for restaurants, gas stations, lodging and airlines.

There was also a gap between different age groups. Spending by millennials and gen-z consumers was down 4.1% relative to last year, while spending by baby boomers was down more than 18%. The stalled recovery in consumer period includes the period that will be reflected in the non-farm payrolls report for July, slated for release on Friday morning. Economists surveyed by Dow Jones are expecting an addition of 1.48 million jobs for the month, a marked slowdown from the 4.8 million gained in June.

How could it be otherwise with real unemployment hovering at 20%.

Yep and then declining

Silver_Watchdog This is a textbook ascending triangle with a breakdown. This isn't a stall. It's going to be a dump.

Well they haven’t done anything to help the consumer on credit cards during this. Mortgages and car loans got some relief. Maybe people are waking up they don’t need credit cards like they thought.

More brrrr needed

What economic recovery? The stock market is not the economy. Tens of millions are out of work. A large portion of the country is on the verge of being evicted from their residences. Coronavirus cases and deaths are still out of control.

for the middle of pandemic where governors have shut everything down this isn't too bad. The decline is probably just travel and entertainment. We are saving a lot of money per month not being able to eat out.

It’s amazing that the Trump administration was able to get it back as far as they did. Let sleepy Joe take the wheel and we’ll be lurking in the cellar in no time flat !!!

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