After a brief period of rising delinquency rates on credit cards and auto loans for subprime borrowers, the latest data shows a modest improvement in consumer credit quality with delinquency rates falling, see table below. This is consistent with a strong labor market, high wage growth, and a high level of household savings. US consumer spending will eventually grow at a slower pace because this is what the Fed wants to see, but the bottom line is that there are no signs yet in the macro data of the US consumer slowing down.
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