Daily Trader: BAC Consumer Checkpoint, Sentiment Sours #shorts

We have some real indepth economic data to give you today because and it's important to give today and I'll tell you why. The Bank of America consumer checkpoint data they have great data on the strength or weakness of the US consumer and the data that comes out based on the massive amounts of cards they hold and bank accounts and data they have from both debit cards and credit cards. Here it is. Total card spending per household up.9% month overmonth, up 4.5% year-over-year for the month of September. That's a strong US consumer. Almost a percent higher than last month and 4 and a half% higher than last year. Led by discretionary services, not staples, discretionary. That's implying more strength from the US consumer. Now consumers during this period did focus on value. General merchandise and big box retailers outperformed everyday normal retailers. The consumers maintain spending but actively seeking lower cost alternatives. Alo a discretionary US consumer um looking for better deals. Spending and wage growth converged across income gaps. What does that mean? That means all groups are getting better. Large K-shaped economy remains mainly in millennials. Those are showing the biggest K-shaped economy. The rest somewhat converging. So household finances remain healthy. Credit card utilization declining across most age income. Less use of credit cards. Another indication of a strong US consumer. Lower and middle inome household still hold elevated deposit balances. That's important. Now why? Because the same day that we got this, we also got consumer sentiment data. That's that soft data that showed 46.3 a big drop in consumer sentiment and year ahead inflation ticked up to 4.7%. So what's what's the outrage here? The hard data showing strength, the softer data showing weakness, the the sentiment data. Now as we get into next week, bank earnings on Tuesday, very important. All the major banks come out Tuesday the 13th. We also get CPI and PPI next week. A great look, more looks at inflation. It's going to be a big week.