Consumers paused in January

Some major companies in the S&P 500 have said it’s becoming increasingly clear that Americans are under stress, which could cause consumers to eventually curb their spending. 

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Consumers hit the pause button.
Welcome to the Know the Difference Minute for Thursday, February 15th.
Was it cold weather---or did the American consumer finally open their credit card statements?
2023 holiday spending was healthy. But January spending, not so much. Data is out for spending on goods and food services last month and it came in even lower than expected. Gas stations, home improvement stores, even online were all off.
The long stretch of January cold weather got some of the blame but it’s possible that a personal debt tug-of-war might be happening between rising personal debt, high credit card interest rates, and consumers concerned about what’s down the road economically.
Some major companies in the S&P 500 have said in recent earnings calls that it’s becoming increasingly clear that Americans are under stress, which could cause consumers to eventually curb their spending. Consumer spending accounts for about two-thirds of GDP.
Some say this is a blip. Others aren’t so sure.
For Dave Spano, I’m Danny Clayton from Annex Wealth Management. That is your Know the Difference Minute.