Bank of America sees sharp slowdown in US household card spending

5 articles · Updated · MarketWatch · May 8

In the week ending May 2, spending fell across rich, middle-income and poorer households, with gasoline the main exception.
Economist Aditya Bhave said the drop was not easily explained by weather or holiday shifts, though month-end volatility, higher fuel prices and fading tax-refund support may have contributed.
The slowdown comes despite solid April card data and resilient retail spending, while separate PriceStats data showed April prices rising as much as 4.5% year on year.

With tax refunds gone and gas prices soaring, is a deeper consumer spending crisis inevitable for American families?

Why is consumer spending slowing sharply while household savings remain well above pre-2020 levels?