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May 25, 2022

Consumer spending has moved from a driver of economic growth in 2021 to a negative contributor in 2022, which has negative implications for consumer companies and overall economic growth.

Consumer spending accelerated at a record pace in 2021, aided by a sizeable increase in fiscal support (direct payments, enhanced and expanded unemployment, and deferred consumer debt payments).  That support has gone away in 2022, the acceleration in 2021 activity is now a headwind to 2022 growth comparisons, and the acceleration in prices is having...
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