Consumer spending looks like it’s about to come roaring back.
According to the latest Survey of Consumer Expectations from the New York Fed, as of March consumers expect their spending will increase spending by 4.5% over the next year.
This is a sharp rebound from February, when consumers thought spending over the next year would increase just 3.8%.
Last month, we noted this decline in expectations, but it looks like with a snapback in March, this decline may have been driven by the most controversial force in economics: the weather.
On Tuesday, we’ll get the latest report on retail sales, which is expected to show sales grew 1% in March when compared to the prior month, a bounce back after monthly declines in January and February.