Report
Citizen K. (continued)
There is every reason to believe that US household spending was strong until the end of the summer (the Atlanta Fed estimates an annualised growth rate of +3.4% in Q3). However, consumer confidence is weakening and the labour market is cooling. To resolve this paradox, it has been suggested that spending at the top end of the income scale was so strong that it offset weakness elsewhere. We readily admit that the top decile is more sensitive to strong stock market gains than to modest wage slowdowns, but it accounts for only 25% of consumption. At a time when concerns about AI stocks and employment conditions coexist, consumption is therefore fragile at both the top and bottom.
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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