Americans are planning to spend less in the near term, according to a December 2022 survey from the Federal Reserve Bank of New York, which showed U.S. household spending growth expectations taking a sharp tumble in what could be a warning sign for the economy.
Household spending growth expectations over the next 12 months fell by a full percentage point, to 5.9 percent, in December 2022, according to the latest New York Fed Survey of Consumer Expectations. That’s the lowest level for the reading since January 2022, when the year-ahead spending growth expectations came in at 5.5 percent.
