Equifax: Resilient consumer spending supports U.S. economic growth
EFX•U.S. consumer spending grew at a 3.8% annualized rate in the second quarter, while the Atlanta Fed forecasts 3.4% growth in the third quarter. Equifax said its Small Business Lending Index fell 4.3% in August from July but was 2% above its year-earlier level.
1. Spending and lending
Consumer spending and AI investment support resilient U.S. growth, while high borrowing costs and uneven wealth gains pressure households and small businesses. The Small Business Lending Index fell 4.3% in August from July but remained 2% above its year-earlier level; small-business defaults declined 5 basis points, and short-term delinquencies also fell. Businesses serving budget-conscious consumers face greater demand pressure than those serving wealthier households.
