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Share Name | Share Symbol | Market | Type |
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JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
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Strong increases in spending on services and at restaurants were not enough to offset reduced spending on fuel and durable goods
Today, the JPMorgan Chase Institute released its Local Consumer Commerce Index (LCCI) for August 2016, which showed that all but 3 of the 15 major U.S. cities studied experienced negative growth in year-over-year spending. Overall, year-over-year consumer spending growth declined by 1.9 percent in August - the largest dip since May 2016 and the second most significant decline in year-over-year growth since October 2013.
Denver experienced the fastest growth of all cities studied at 5 percent year-over-year. Across the 15 cities, consumer spending at restaurants contributed 0.2 percentage points to growth, along with spending on services, which contributed more than any other product type that month at 0.9 percentage points.
This report provides a timely view of how the following cities and surrounding metro areas are faring economically both individually and in aggregate: Atlanta, Chicago, Columbus, Dallas, Denver, Detroit, Houston, Miami, Los Angeles, New York, Phoenix, Portland (OR), San Diego, San Francisco, and Seattle. By looking at actual anonymized financial transactions, LCCI offers an ongoing, dynamic view of the health and vibrancy of the U.S. consumer and the places where businesses operate.
“August appears to have brought more of the same trends – with decreases in spending on durables and fuel and increased spending on restaurants and services,” said Diana Farrell, President and CEO of the JPMorgan Chase Institute. “The difference was a very sharp slowdown in spending at small and large businesses. Growth in these businesses has tended to offset declines in mid-sized businesses in recent months, and in August, this growth just wasn’t there.”
The key highlights from the latest Index include:
The LCCI offers unique advantages over existing measures of consumer spending.
Each release of the LCCI will describe the economic picture of local communities and provide a powerful tool for city development officials, businesses, investors, and statistical agencies to better understand the everyday economic health of consumers, businesses, and the places they care about.
About the JPMorgan Chase Institute
The JPMorgan Chase Institute is a global think tank dedicated to delivering data-rich analyses and expert insights for the public good. Its aim is to help decision makers – policymakers, businesses, and nonprofit leaders – appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use better facts, timely data, and thoughtful analysis to make smarter decisions to advance global prosperity. Drawing on JPMorgan Chase & Co.’s unique proprietary data, expertise, and market access, the Institute develops analyses and insights on the inner workings of the global economy, frames critical problems, and convenes stakeholders and leading thinkers. For more information visit: jpmorganchaseinstitute.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161205005670/en/
JPMorgan Chase & Co.Media: Nicole Kennedy, (215) 864-5732nicole.kennedy@chase.com
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