Ahead of the ISM services survey, there are signs of a weakening US consumer

<p>Here is a <a href="https://twitter.com/bobeunlimited/status/1699400994243674314?s=46&amp;t=GnQ6BGe66InkiOZnN2t-6g" target="_blank" rel="nofollow">good thread from Bob Elliott</a> highlighting that spending trackers from Morgan Stanley, JPM, and Citi all show recent weakening.</p><p>Here's what Citi had to say:</p><blockquote>

Our Citi Card Data showed Hardlines Retail spending declined -12.2% y/y in August, which was worse than July's decline of -9.3% yly and marked the weakest 1- year growth rate since March 2023. On a 2-year basis, August also came in below July's trend. By category, the pace of y/y declines worsened in August across the board led by decelerations in household appliances and home furnishings. In absolute terms, electronics and home furnishings saw the largest decline Y/Y in August at -17%.</blockquote><p>Meanwhile, the Morgan Stanley retail tracker fell 0.6% in August and the tracker from JPM puts the August control group on retail sales down 0.24%.</p><p>The ISM services data is due up at the top of the hour and I see downside risks to the consensus of 52.5, which is just below the 52.7 reading previously.</p>

This article was written by Adam Button at www.forexlive.com.