The state of the American consumer can be summarized by a quote from Walmart CFO John David Rainey: 'The American consumer isn’t spending as recklessly as they used to. But they aren’t falling apart.' While mortgage applications increased by 17%, driven by a jump in refinancing, consumer sentiment showed improvement, with Democrats more optimistic than Republicans.
However, industrial production fell by 0.6% in July due to petrochemical shutdowns. Americans are cutting back on big-ticket items like furniture and cars due to inflation, but travel demand remains strong, benefitting the hospitality industry amidst the overall spending slowdown.
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