The 3 Drivers Of US Consumers Hit A Wall

 So says Bloomberg in a recent article called "Key engines of US consumer are losing steam all at once."

In short, consumer spending over the past year has been propped up by 3 things: incomes, savings, and debt.

For the past year, real incomes had been beating inflation.

Real disposable income went from 5% growth in the middle of last year to just 1% year-on-year.

Bringing us to Bloomberg's reason number 3: debt.

That's now hitting a wall, with credit card delinquencies up 50% year on year.

In the 2008 crisis, they didn't announce the recession until a full year after it had begun. 

https://brownstone.org/articles/the-3-drivers-of-us-consumers-hit-a-wall/