Spending is weaker, but the labor market is still strong
While spending has cooled off from the high pace at the start of the year, it hasn't fallen off the cliff - thanks to employers still hiring and real wage growth finally picking up.
Employers added 209,000 jobs in June, which is weaker growth than the previous month but still resilient by historical standards. American wages are also finally outpacing inflation, with real weekly incomes for US workers rising in June for the first time in 26 months.
Source: CNN
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