U.S. consumers spurn cars, couches and cruises in ominous economic climate
Inflation and interest rate hikes are causing ripples - U.S. consumers are exhibiting fragility ahead of the peak period for corporate results next month, as some are struggling to pay bills and others are slowing purchases of cars, sneakers, and household goods, the week's earnings show.
"We are seeing evidence of a slowdown in spending across a wide swath of the consumer space, with the combination of inflation and rising interest rates pressuring household budgets," said Garrett Nelson, VP and senior equity analyst at CFRA Research. "External economic conditions have continued to deteriorate over the past few months," Rent-A-Center's Chief Executive Mitch Fadel, said in a statement."This has affected both retail traffic and customer payment behavior," he said.said higher interest rates and inflation were starting to take a toll on vehicle demand, a warning that spooked investors in the wider autos sector.
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