Many prominent banks slashing their GDP forecasts for the current and future quarters, most notably Goldman which took a machete to its 8.5% Q3 GDP forecast and now sees just 5.5% even as it warns of a stagflationary burst of even higher inflation. Consumer spending has declined 3% in just the past few weeks.
US consumers are reverting to their pre-covid spending patterns, albeit in a time when prices are exploding, and it is only a matter of time before we enter the "trapdoor" plunge phase once all accumulated purchasing power disappears. A slowdown across virtually all leisure sectors, from airlines to lodging and entertainment, although one can see that spending on durable goods is also starting to take on water.
One can't help but dread what happens to the US economy - and society - when one day the stimmies, the universal basic income, the emergency benefits and so on, finally come to an end....