Goldman Sachs warns of consumer spending slowdown as tax refund boost fades

MacroAnalyst
โดย Yahoo Finance·US·Read original
Summary · why it matters

Goldman Sachs economists warn that US consumer spending growth is set to slow sharply in the second half of the year as the temporary boost from higher-than-planned tax refunds fades. Economist Jan Hatzius wrote in a note that second quarter sales at consumer companies rose 5.9% year over year among the median S&P 500 consumer discretionary company and 3.9% for the median consumer staples company, powered by the tax refund surge. Hatzius expects real consumer spending growth to slow to 1-1.5% in the second half as real cash flow stagnates, despite consumer spending accelerating to a 3.2% annualized pace in the second quarter from 0.5% in the first quarter. The thesis will be tested this week with earnings and outlooks from Home Depot, Lowe's, Walmart, and Target, with Walmart most in focus given its third quarter outlook.

Impact on stocks 6

Consumer Staples▼ · 2 stocks
Walmart Inc.
WMT
▼ NegativeDemandrelevance

Walmart is most in focus as its Q3 outlook will test the spending slowdown thesis.

Target Corporation
TGT
▼ NegativeDemandrelevance

Target faces weaker consumer spending as tax refund boost fades.

Consumer Discretionary▼ · 2 stocks
The Home Depot Inc
HD
▼ NegativeDemandrelevance

Goldman warns of consumer spending slowdown, directly affecting Home Depot's sales outlook.

Artificial Intelligence▲ · 1 stocks
Financials▲ · 1 stocks
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