FAST FIVE: After Record January Surge, US Spending Plummets In February… And It's Not Just The Texas Freeze
After Record January Surge, US Spending Plummets In February.
We found particular weakness in card spending in TX, LA, OK, MS, AR and TN.
Combined card spending in these six states ran at a -25% yoy pace for the 7-days ending Feb 20th.
Florida, the epicenter of the hurricane, saw a similar sized drop in spending of around -40% yoy when the hurricane hit.
Spending then normalized around 10 days after the initial rainfall from Irma.