Inflation & Prices
US Consumer Spending Growth Slowed in December, NY Fed Survey Finds
- Median increase in monthly spending down from peak in August
- Share of households making large purchase also declined
A shopper in the toy aisle of a store in Chicago.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
Spending by US consumers is growing at a slower pace and the share of households making major purchases in recent months declined, according to a report from the Federal Reserve Bank of New York.
Monthly household spending grew by 7.7% in December from a year earlier, down from a high of 9% reached in August, according to survey results released by the New York Fed on Tuesday. That growth is still above the 5.1% growth seen in December 2021 and remains “well-above”the pre-pandemic level of 2.5%, according to the report.