Who's Doing The Spending 8/20/26

This CNBC Your Money Minute covers consumer spending trends and who is driving growth. July spending slowed from May and June but still grew 5%, with lower-income households leading that growth. Discretionary spending remains high because the labor market is improving and lower-income wage growth is the strongest since March 2023. The takeaway is that labor market strength should continue to support the consumer. - July spending slowed from May and June but still grew 5% - Lower-income households drove July spending growth - Discretionary spending remained high despite inflation weariness - Wages are still rising, with lower-income wage growth strongest since March 2023 - Consumers may be adapting by trading down - Labor market support is seen as key for consumer spending