The myth of the 'strong consumer' is dead? Maybe the consumer knows how to weather the storm.
https://www.zerohedge.com/personal-finance/us-retail-sales-unexpectedly-tumble-may
ZeroHedge with another chaotic panic, as usual. The chart (pic related) tells me consumers spend their covid funds and went back to old habits.
As far as retail sales, auto sales getting pummeled is expected. When people can work from home, avoid high gas bills, and tell greedy car dealers to fuck off, there's no need to buy a new car.
The chart doesn't say how long the credit is revolving, especially today when almost everyone uses a card instead of cash.
After a spending surge, don't people use what they bought for a while? It's a cycle. So why would there be a spending surge now? Makes no sense.
People aren't sitting home, eating, and shopping online for 6 months straight like 2020. Consumers who spent savings funds doesn't mean they're homeless.
The same people who didn't have $500 in savings 10 yrs ago are the same people in the charts who still don't have $500 in savings.
Bad habits never die.