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November 11, 2026
Partner, Chief Economist
Weekly data for consumer spending continues to show strength driven by job growth for lower-income families, high asset prices and strong cash flows from fixed income for middle-income and high-income households, see the first chart below.
This broad-based strength in consumer spending is in sharp contrast to the ongoing decline in consumer confidence across the income distribution, see the second chart.
The bottom line is that there is a significant difference between what consumers are saying and what they are actually doing.
Sources: Redbook Research Inc., Macrobond, Apollo Chief Economist
Sources: Bloomberg, Macrobond, Apollo Chief Economist
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