Consumer spending is slowing, and it's a warning shot for the US economy as it navigates the approach to a soft or a hard landing.
Meanwhile, March retail sales were revised downward, with spending rising 0.6% instead of the initially reported 0.7%.
The retail sales number was sluggish with a capital 'S,'" economist David Rosenberg said in a note this week.
A hard landing has been postponed partly because of the strength of consumer spending in 2023, he wrote previously.
The New York Fed sees a 50% chance that the economy will tip into recession by April 2025.
Persons:
David Rosenberg, Rosenberg, Primerica, Danielle DiMartino Booth, who's, Booth, Schwab, I've
Organizations:
Service, Business, Conference, New, Fed
Locations:
American, York