A woman walks on the street after shopping at a supermarket in Washington, D.C., the United States, on June 14, 2022. (Photo by Ting Shen/Xinhua)
There are growing signs that the consumer spending streak could be ending, says The Washington Post.
NEW YORK, June 20 (Xinhua) -- More Americans are beginning to hold off on booking flights, getting haircuts, building backyard pools and replacing old, leaky roofs, in some of the new signs that the consumer engine of U.S. economic growth could be losing steam, The Washington Post (WP) reported last week.
"Over the past several weeks, households had already cut back on big-ticket purchases because of soaring prices, but in a worrisome twist, data suggests consumers are also beginning to tap the brakes on dining out, vacation plans and even routine services like manicures, hair cuts and home-cleaning appointments," it said.
Business owners around the country say rising prices, dwindling savings and concerns of a souring economy are taking a toll on household spending decisions, according to the report.
"Consumer spending, which makes up more than two-thirds of the U.S. economy, has held strong through April even with inflation at historic highs. But there are growing signs that the spending streak could be ending," said the report.
Retail sales slowed last month for the first time this year, driven by a 4 percent drop in car sales. U.S. flight bookings dipped 2.3 percent in May from a month earlier. And both high- and low-income Americans have begun pulling back, particularly on services, in the past four to six weeks, it added. ■
