SpendTrend data for July reinforce the tentative nature of consumer spending, and noted some important changes in direction. Year over year growth for same-store consumer spending declined from 8.8 percent in June to 7.3 percent in July. Higher growth categories centered on discount rather than discretionary retail.
| July Transaction Growth | CHANGE | July Dollar Volume Growth | CHANGE |
| Credit | +5.3% | Credit | +7.4% |
| Signature Debit | +7.8% | Signature Debit | +7.0% |
| PIN Debit | +5.1% | PIN Debit | +7.5% |
| Check | -12.3% | Check | -8.1% |
Of particular note, credit card spending growth dropped from a robust 10.7 percent in June to 7.4 percent in July. The Fed’s G19 reading on consumer revolving credit outstanding was also very strong in June; July spending trends suggest that the July reading on outstandings may drop as well.
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