Spending Continues, but the Mood Has Shifted U.S. consumers entered 2026 still spending, but with a noticeably different posture than in prior years. Retail sales remain positive, travel demand has not collapsed, and services spending continues to support headline growth. Beneath the surface, however, confidence has weakened. Households are increasingly spending out of necessity rather

Spending Continues, but the Foundation Is Shifting At first glance, U.S. consumer spending in early 2026 appears resilient. Retail sales remain positive, travel demand has not collapsed, and service-sector activity continues to support growth. Yet beneath these headline figures, the structure of consumer behavior is changing in ways that raise concern. Rather than spending driven

Corporate Spending Enters a More Selective Phase American corporations entered 2026 with a noticeably more cautious approach to spending. After years of aggressive expansion fueled by cheap capital, higher interest rates have forced executives to reassess priorities. Rather than broad growth initiatives, companies are focusing on targeted investments that promise clear productivity gains or cost