The American consumer is worried

The American consumer is feeling a little worse than in previous months.

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 reaching a new low in July and August.

As of both July and August, the median household sees year over year spending growth at just 3.46%, the lowest growth rate in the survey’s two year history.

Consumer activities are a central part of the US economy: About 68% of GDP comes from personal consumption expenditures. What consumers plan to do has a potentially enormous impact on economic growth. This is a somewhat bearish indicator coming the same week as what might be the most important Federal Reserve meeting in years.

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