Let’s take a look at consumer health as we approach Q2 earnings season. We can see US consumers showing some signs of stress.

Retail sales were reported earlier this week, but were a miss and have flatlined since 2021. Delinquencies are starting to rise on many different types of consumer loans. The only place we do not see this is with mortgages. Banks are responding to this by tightening lending standards. We will see what this means for companies as we approach Q2 2024 earnings season.