A view of the the NFIB survey and wage growth gives a hint of what may lie ahead in the wage sector. Consumer spending dropped $7 in June which surprised many.
(CLICK ON IMAGES TO ENLARGE)
While Americans' spending in June was generally on par or lower than their average May spending, this month's $7 drop is one of the largest recorded by Gallup during this time of year since 2008, when June spending fell by $10. The June 2008 spending average of $104 is still the highest average for that month in Gallup's six-year trend.
Can it be the new jobs being created (majority at the low end) is weighing on consumers pocketbook? #shocker! But what about the spending of the wealthy lifting all boats? You know; that good old trickle down effect?
According to Econoday, the drop in daily spending among all Americans can largely be attributed to upper-income Americans spending less in June. Could the wealthy be running low on things to buy? Yes sarcasm on my part but a drop is not what any
