Early spending signs from the US holiday weekend are positive
Data from JPMorgan and Goldman Sachs points to more spending
The latest spending data from both JPMorgan and Goldman Sachs is upbeat.
"In week 19 of the 'Measuring the Reopening of America' series we shift from a 4 to a 5 after several weeks of little to no improvement as lodging, retail and box office all show meaningful progress over Labor Day Weekend," Goldman Sachs wrote in a note.
It's a similar story with JPMorgan's daily spending tracker, which rose 1.9% w/w through September 5. It's now down 6.5% from the baseline compared to 7.0% previously. That's the best since the pandemic started.
Both of these numbers could be skewed by holiday factors but the combination of fewer US cases and stronger data here is tough to ignore.