Economics
U.S. Consumer Spending & Inflation Report: September 2022
Report summary
Despite the relief from lower gas prices and continued strength in the labor market, high inflation remains a pressing concern for U.S. households. From July to August, real spending flatlined as purchasing power declined and consumers increasingly relied on savings and debt to cover monthly expenses.
Key Takeaways
- U.S. consumers held firm on inflation-adjusted spending levels in August as purchasing power continued to suffer amid persistently high inflation.
- Services purchases are increasingly vulnerable to rising prices, leading more consumers to curb spending on some categories.
- Inflation continues to put a strain on household finances, pushing more consumers to draw down savings or add to debt to cover expenses.
About the authors
Kayla Bruun is the lead economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency economic data. Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets.
Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business. For speaking opportunities and booking requests, please email [email protected]
Scott Brave previously worked at Morning Consult in economic analysis.
