The Commerce Department just reported that Americans cut back on spending at stores and restaurants in June to the tune of .3%. Notably, sales at auto dealers fell 1.3%
Most economists did not predict a decline.
These numbers indicate that Americans are still reluctant to spend. The most likely force holding consumer spending back……rising rents. It’s a landlord’s market now. Buying a home is not possible for many people since new federal laws were enacted January 2013— which in turn has given apartment owners the license to raise rents sharply.
The PM Group will continue to monitor consumer spending to gauge future retail opportunities for its clients.