3Q21 Consumer Spending Preview

CMBS delinquencies for retail are down 30% for the 12 months ending August 2021 and consumption has jumped 16% from the pandemic trough to reach pre-pandemic trends.

Labor Day coronavirus number are unfortunately a reminder that the hurdle for strong consumption growth going forward is high: the Delta variant is weighing on Q3 growth, while fading fiscal stimulus and a slower service sector recovery are adding additional headwind.

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