Consumers are continuing to spend, albeit with a bit more reserve, as evidenced by a new Fed report that shows outstanding credit growing at a slower rate than expected. “Consumer spending certainly isn’t falling off a cliff, but we are seeing ample evidence that Americans are becoming more reluctant to make certain purchases, especially larger expenses and acquiring physical goods,” said Ted Rossman, senior industry analyst with Bankrate. “Services spending has been more robust, perhaps still owing to pent-up demand that stacked up during the pandemic for things like traveling and dining out.”
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