Wells Fargo: Consumer Spending Sees Sharpest Drop in Nearly Four Years Amid Inflation Pressures

Consumer spending in the U.S. took an unexpected downturn in January 2025, marking the sharpest monthly retrenchment in nearly four years, according to the report by Wells Fargo Economics. Inflation-adjusted consumer spending declined by 0.5 percent, driven primarily by a sharp pullback in purchases of motor vehicles, recreational goods, and other durable goods. The decline […]