Consumer Financial Situations Worsen, Card Spending Drops 0.5% Year-Over-Year in June

A recent survey from the New York Federal Reserve reveals a notable increase in the percentage of consumers reporting that their household financial situation has significantly worsened compared to last year. Additionally, Bank of America's latest consumer checkpoint indicates that June total card spending per household fell by 0.5% year-over-year, compared to a 0.7% average increase in May. Seasonally-adjusted total card spending dropped 0.1% month-over-month, though it rose by 0.3% over the second quarter as a whole. This decline in spending highlights concerns about the health of the economy.