Consumer
May 30, 2025
U.S. Personal Income & Spending (April 2025)
Consumer spending came off the burner in April as the implementation of reciprocal tariffs weighed on consumer confidence and began to bring an end to the front-loading behavior we had seen in March. Moving forward, we expect consumer spending to grow at a modest pace of 1.8% in the second quarter as the economy continues to adapt to a higher cost environment.
May 15, 2025
U.S. Retail Sales (April 2025)
Retail sales were little changed in April, but the easing in activity comes on the heels of a surge in March as consumers rushed to front-load purchases ahead of anticipated tariffs. There continued to be some evidence of this front-loading in April, with auto sales remaining at elevated levels, and consumers still purchasing large ticket items like furniture, electronics, and building materials
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.
