High frequency data from JPMorgan
JPMorgan is out with its latest high-frequency report on the health of the US economy today and there are some further signs that the recovery has leveled off.
'Card-present' transactions accounted for about one-third of US spending pre-pandemic and are weighted toward retail spending, restaurants, supermarkets, lodging and pharmacies.
That data is choppy but the trend in airline spending is increasingly clear:
In terms of overall spending, hotspot states are back to about where they were at the end of May.
