Americans Are Finally Turning Frugal After Splurging Over Summer
- Government data, retailer warnings indicate consumer pullback
- Further labor-market cooling may put more pressure on spending
Government data on personal spending showed a cutback in discretionary spending.
Photographer: Matthew Hatcher/BloombergThis article is for subscribers only.
The long-awaited US economic slowdown has begun.
Signs are piling up — in recent data, in warnings from top retailers such as Walmart Inc. and in anecdotes from local businesses across the country — that after defying expectations all year and splurging over the summer, American households are starting to pull back.