NOT GOOD: The US consumer spending story everyone's been jazzed about is dying

American consumers are feeling increasingly pessimistic about their future spending.

One of the questions on the New York Fed’s monthly Survey of Consumer Expectations asks respondents how they expect their household spending to change over the next year. This has been a very jumpy indicator in 2015, seesawing back and forth before dropping over the summer and hitting a new low in September.

As of September, the median household sees its spending growing just 3.18%, the lowest level in the survey’s two year history.

Consumers are a huge part of the American economy, with household consumption making up about 68% of GDP. The decisions consumers make about spending have a huge impact on the overall economy.

Many economists have been optimistic that the US consumer would be able to offset weakness overseas. That’s what makes this survey particularly discouraging as the global economy slows.

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