BofAML’s Michelle Meyer is “puzzled” at why the US consumer is not the spendaholic her textbooks said they should be by now…
A setback after the bounce in March
Based on BAC internal data, which tracks spending on credit and debit cards, consumer spending slowed in April. Retail sales ex-autos declined 0.1% mom seasonally adjusted after climbing 0.8% in March. It is prudent to smooth through the last three months, which reveals an average monthly gain of 0.3%.