Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why Consumer Spending Is Outpacing Real Income Growth
Lucas and Luna examine how U.S. consumer spending continues to rise at 5.6% annually while real disposable personal income growth lags at 3.9%. Using the latest personal income and outlays data, they explore the widening gap, the role of credit card debt which recently hit $1.4 trillion, and the drawdown of pandemic-era savings. They ask whether this spending pattern is sustainable and what it means for GDP growth and Fed policy. The episode also touches on the implications for retail earnings and consumer credit risk, grounded in the current July 2026 economic landscape.
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The skinny
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