Consumer
August 29, 2025
U.S. Personal Income & Spending (July 2025)
Consumer spending and income growth both improved in July. Personal income rose 0.4% month-over-month (m/m), a hair above the market consensus forecast. Growth in wages and salaries picked up to 0.7% m/m from 0.1% in June, while government transfer payments were flat on the month.
August 15, 2025
U.S. Retail Sales (July 2025)
Building on their gain in June, retail and food services sales continued to grow in July, advancing by 0.5% month-on-month (m/m). This was close to the market expectations for a 0.6% m/m increase, but slower than the upwardly revised 0.9% gain in June (previously reported as 0.6%).
July 24, 2025
A Sea of Changes in Student Debt Market To Ramp Up Pressure on Borrowers
Student loans have been gradually returning to business as usual after prolonged pandemic relief programs. Most recently, credit reporting and unpaid debt collections have resumed, leading to a jump in delinquencies, and an increase in defaults on the horizon.
March 13, 2025
In Wealth We Trust: U.S. Household Balance Sheet Update
The new administration in the White House has brought a cloud of uncertainty, but if there’s one factor that would help U.S. households sleep better at night and spend more confidently, it’s their wealth cushion. Policy uncertainty has led to a correction in equity markets recently, with the S&P 500 erasing all its gains since the fall. However, the recent decline should still leave households with a sizeable wealth cushion.
December 09, 2024
Higher Rates Delay U.S. Housing Recovery, But Some Improvement Expected in 2025
After declining through the spring and summer, 30-year mortgage rates rebounded back near 7% this autumn on the back of rising bond yields. Strong economic data and policy-related uncertainty – notably around the new administration’s use of import tariffs – have been key catalysts behind this rate backup. As such, further upward pressure on rates in the near term can’t be ruled out.
October 17, 2024
Can’t Hold Me Down: U.S. Consumer Spending To See an Upgrade
The Bureau of Economic Analysis recently made annual benchmark revisions to its National Income & Product Accounts, which showed a stronger pace of economic and income growth in recent years, with a notable upgrade to personal income in H1-2024.
