Middle- and high-income consumers pulled back on spending in July

Following two months of strong growth, Morning Consult's measure of consumer spending declined slightly in July. Total average consumer spending fell by a modest 1.2% month over month after growing 7.1% in June and 6.1% in May. The reduction was driven by middle- and high-income earners, who pulled back on services purchases after propping up spending in the previous two months.