Also decelerating in line with deceleration of bank auto lending. One by one the data releases seem to be confirming the last 6 month’s rapid deceleration of bank lending:
The consumer remains disengaged based on vehicle sales where weakness extended into June, at a 16.5 million annualized rate vs what were modest expectations for 16.6 million and against 16.7 million in May. North American-made sales edged up to 13.1 million from 13.0 million though the gain is due more to rounding than improvement, at 13.05 vs 13.03 million out to two decimals. These results do not point to strength for what has been a very weak autos component of the retail sales report.
Good news here! ;)
WASHINGTON – Americans are expected to spend $7.1 billion on food for cookouts and picnics as they celebrate the Fourth of July this year, up from $6.8 billion in 2016, according to the annual survey released today by the National Retail Federation and conducted by Prosper Insight & Analytics.
According to the survey, 219 million Americans plan to celebrate the holiday, or 88 percent of those surveyed. A total of 162 million — 66 percent of those surveyed — plan to take part in a cookout or picnic, spending an average $73.42 per person, up from last year’s $71.34. The numbers cover only food items, not other holiday-related spending.