{"id":598423,"date":"2023-01-17T10:18:00","date_gmt":"2023-01-17T16:18:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/17\/us-consumer-spending-growth-slowed-in-december-ny-fed-survey-finds\/"},"modified":"2023-01-17T10:18:00","modified_gmt":"2023-01-17T16:18:00","slug":"us-consumer-spending-growth-slowed-in-december-ny-fed-survey-finds","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/17\/us-consumer-spending-growth-slowed-in-december-ny-fed-survey-finds\/","title":{"rendered":"US Consumer Spending Growth Slowed in December, NY Fed Survey Finds"},"content":{"rendered":"
\n

\"US
\n\u00a9 Reuters. US Consumer Spending Growth Slowed in December, NY Fed Survey Finds<\/span>
\n<\/i>\n<\/p>\n

(Bloomberg) — 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.\u00a0<\/p>\n

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 \u201cwell-above\u201dthe pre-pandemic level of 2.5%, according to the report.\u00a0<\/p>\n

Fed officials are attempting to cool spending – and in turn tame price growth – by rapidly raising borrowing costs. The US central bank lifted its benchmark rate by 50 basis points to a range of 4.25% to 4.5% in December, up from near zero levels last March. Median projections show policymakers see rates rising to above 5% this year, and officials are largely expected to raise rates by a quarter point when they meet next on Jan. 31 to Feb. 1.\u00a0<\/p>\n

The New York Fed survey showed that spending growth may be slowing as interest rates rise but still remains elevated.\u00a0<\/p>\n

The share of households that made at least one large purchase in the previous four months dropped to 56.4% in December, lower than the 61.7% who reported major purchases in August and the 58.1% who did so in December 2021. \u00a0\u00a0<\/p>\n

When asked what they would do with an unexpected 10% bump in income, households said they expected to use a larger share of that money to pay down debt when compared to a year earlier. They also said they expected to allocate smaller portions of that additional income to spending, saving and investing.\u00a0<\/p>\n

\u00a92023 Bloomberg L.P.<\/p>\n<\/div>\n

Read More<\/a>
\n Lloyd Fetzer<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. US Consumer Spending Growth Slowed in December, NY Fed Survey Finds (Bloomberg) — 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.\u00a0 Monthly household spending grew by 7.7% […]<\/p>\n","protected":false},"author":1,"featured_media":598424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23663,534,2510],"tags":[],"class_list":{"0":"post-598423","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-consumer","8":"category-financial","9":"category-spending"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/598423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=598423"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/598423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/598424"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=598423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=598423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=598423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}