Did US Consumers Finally Tap Out? BofA Internal Card Data Shows Significant July Spending Slowdown
by Tyler Durden
ZeroHedge.com
Aug 10, 2016
According to Bank of America’s internal aggregated credit and debit card data, consumer spending slowed in July, with retail sales ex-autos down 0.3% mom on a seasonally adjusted basis. As the bank concludes, “In our view, this sets up for a softer Census Bureau retail sales report on Friday – we would not be surprised to see either disappointing July sales and/or a downward revision to June.”
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