Center for Microeconomic Data

The December SCE Household Spending Survey reveals that both reported and expected household spending growth continue to moderate. The median increase in monthly household spending compared to a year ago declined to 5.0 percent in December, from 5.5 percent in August 2023, but remained well above its pre-pandemic level of 2.5 percent in December 2019. The median expected growth in monthly overall household spending over the next year decreased to 3.0 percent in December, from 3.4 percent in August, its lowest reading since December 2020, but was similarly above pre-pandemic levels.

Expected spending responses to an unexpected 10 percent increase in income show the average reported share that would be used to pay down debt increased to 38.4 percent, the highest level since August 2016, while the share that would be spent (a measure of consumers’ marginal propensity to consume) declined to 16 percent, its lowest level since the start of the series in August 2015.

For more details:
Press Release: Household Survey Shows Reported and Expected Household Spending Growth Continue to Moderate
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