Maybe The Consumer Is Exhausted After All

The highlight from last month's New York Fed consumer survey was a new peak+ in the share of households reporting that credit was harder to obtain. Fast forward a month, and the key takeaways from the latest vintage of the poll were 19-month lows in both the outlook for household spending and the perceived ease of finding a new job in the event of being laid off. Median household spending growth expectations fell half a point to 5.2% in April, the lowest since September 2021. Spending plans fo