Consumer Spending Shifts Towards Services

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Retail sales fell this summer, reflecting a steady shift in spending from retail purchases to services such as restaurants. This is likely an indication that consumers are growing more price conscious as inflation picks up. Additionally, a recent report from the University of Michigan shows that buying conditions deteriorated to the lowest point since April of last year, when lockdowns were at their peak. This likely points to a softening in third-quarter consumer spending growth.

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