Consumers that are eager to spend are starting to pull back on "fun and games," economist David Rosenberg said.
That spells trouble for the economy, as these so-called YOLO spenders have propped up growth.
So-called "fun and games" spending has softened in areas outside of cruise lines and air travel, Rosenberg said, which likely spells trouble for the economy in the coming months.
Though GDP grew in the second quarter, real gross domestic income has already fallen into a recession, Rosenberg said, with the measure shrinking over the last two quarters.
Markets have been fretting over a potential recession for the past year, as the Fed aggressively hiked interest rates to control inflation.
Persons:
David Rosenberg, " Rosenberg, Rosenberg
Organizations:
Service, CNBC, Fed
Locations:
Wall, Silicon, YOLO