"Today, the volume of cash withdrawals has taken a step-change higher – up 70% compared to a year ago." The economists say that as house prices continue to fall, "the wealth effect" will continue to weaken and spending alongside it. "Supported by historically low levels of unemployment, consumer spending appears to be holding up. When adjusting for inflation, consumer spend rose by a lesser degree up 2.1%. "The outlook for consumer spending is weakening.

Source: Stuff October 10, 2022 19:54 UTC