Numerous data points to a slowdown in U.S. consumption in September

US consumer demand slowed last month, according to a number of credit card transactions and private sector data. After analysing high-frequency spending data including credit card lending and same-store sales, economists said consumers had started to tighten spending on the back of a strong 4.1 per cent annualised increase in retail activity in the previous three months. "From June to August, there is a trend of slowing spending month by month, and you won't see the same growth rate as before," said Shruti Mishra, an economist at Bank of America. Data from data analytics platform Second Measure credit and debit cards showed that consumers' willingness to buy non-essential items such as furniture, electronics and appliances weakened last month. Bank of America credit card data also showed cooling demand. Barclays economists said momentum in retail sales "may have weakened" in September, based on models that include disposable income, stock market wealth, inflation, consumer confidence and credit card spending.