Consumer Spending Growth Slowing

Apollo Chief Economist

The daily data for consumer spending has slowed down modestly in recent weeks, and the slowdown is more pronounced in sectors impacted by tariffs, see charts below and in this chart book.

Daily data for consumer spending: Growth slowing down
Sources: US Bloomberg Second Measure Consumer Spend, Macrobond, Apollo Chief Economist
Consumer spending, categorized by tariff impact
Note: Stable is defined as growth falling between 0.5 to -0.5 standard deviation of the past 90 days, rising momentum is higher than 0.5 standard deviation and falling momentum is -0.5 standard deviation. Past week ends on September 5, 2025. Sources: US Bloomberg Consumer Spend, Apollo Chief Economist

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