The economy may be struggling to gain traction as the pandemic shows little sign of ending, according to data released by JPMorgan Chase.
CNBC reports that the data shows spending has leveled off at about 10 percent below its’ 2019 levels for more than a month. The data includes use of both credit and debit cards.
The spending level had risen sharply from its low point in March and early April, but that increase has largely stopped.
Consumers are spending more on groceries and at wholesale retailers than they did last year. But purchases at restaurants, gas stations, hotels and airlines have sharply declined.
By age, millennials and gen-z consumers are spending more, but have still cut their spending by about 4.1 percent. Baby boomers, on the other hand, are being more conservative. Their spending is down about 18 percent.