Did US Consumers Finally Tap Out? BofA Internal Card Data Shows Significant July Spending Slowdown

Wednesday, August 10, 2016
By Paul Martin

by Tyler Durden
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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