It appears someone forgot to tell The Federal Reserve Bank of New York (FRBNY) how to 'seasonally-adjust' its data to meet the narrative. In February's survey of consumer expectations, FRBNY reports a collapse in consumer spending growth expectations in January. Even more worrying for President Obama's "middle-class economic" strategy is that the biggest plunge is among the $50-100k income cohort. Not exactly the picture of the 'wreckovery' Americans are supposed to be buying right now...
All those jobs... all that wealth created... all that low-gas-price-tax-cut... and spending expectations collapse...
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Across all incomes but mostly in the middle-class!!
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Not the "recovery" everyone is being told about?
Source: FRBNY [9]
