US consumer confidence is plunging but spending isn’t.
The latest spending data from Bank of America shows overall spending up year-over-year despite an 8-9% decline in gasoline prices. There are some worrisome signs with spending on lodging, airlines and entertainment dropping but overall the consumer is holding up, with the latest numbers show an acceleration in restaurant/bar restaurant trending higher.
Overall, I don’t see a great consumer here but it remains solid.
h/t
@neilksethi