US consumer spending softens in December even as inflation eases

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The story "US consumer spending softens in December even as inflation eases" was covered 1 months ago by Business Standard, a news publisher based in India.

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US consumer spending softens in December even as inflation eases - Business Standard

Quick Summary:

The Fed’s rate hiking cycle has pushed the housing market into recession and manufacturing is in the early stages of a downturn.

Though growth in spending on services is helping to anchor consumption, some households, especially those with lower incomes, have depleted savings limiting the gains.

The weak handover to 2023 raises the risks of a recession by the second half of the year, but also reduces the need for the US central bank to maintain an overly aggressive monetary policy stance.