Consumer Spending Plunges 25% In These 6 States, Rises 1.4% In The Rest BofA
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recently millions were left without power and this has created significant disruptions to economic activity. We found a particular weakness in card spending in TX, LA, OK, MS, AR and TN. Combined card spending in these six states ran at a -25% yoy pace for the 7-days ending Feb 20th. Subtracting these states from the total, card spending increased 1.3% YoY over the same period, which was likely still held down by poor weather conditions. Bank of America and JP Morgan both had some concerning insights on their card spending reports.
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