It may be evidence inflation is meaningfully stretching budgets.
According to economic forecaster Lakshman Achuthan, Wall Street is ignoring a striking consumer spending slowdown that will translate into an underwhelming holiday season.
“There’s still this narrative that the rebound is there,” the Economic Cycle Research Institute co-founder told CNBC’s “Trading Nation” on Wednesday. “The hope had been people would shift from goods to services, and that would keep reaccelerating… That hasn’t happened.”
Achuthan highlights the downturn in a chart reflecting real consumer spending data from the U.S. Bureau of Economic Analysis.
“It shows consumer spending…