Consumer Financial Health
Quarterly snapshot of key indicators
|Year-over-year growth of consumer credit||4.6%||4.2%||4.9%||4.9%|
|Year-over-year growth of consumer spending||4.3%||4.9%||5.2%||4.6%|
|Year-over-year growth of average weekly earnings||0.9%||0.5%||0.8%||1.1%|
Average weekly earnings had a 1.1% year-over-year increase in the fourth quarter—the largest gain in 2018.1 However, consumer spending declined to 4.6%, while consumer credit remained flat.
The decrease in consumer spending may be due to lower confidence in the economy despite rising wages. In addition, a higher labor force participation rate may slow down wage growth as more people look for work.
1Source data: Federal Reserve/Bureau of Economic Analysis/Bureau of Labor Statistics
Data date: 3/12/2019
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