BofA card data: spending per household down YoY and MoM.

Before you panic — June had temporary spikes from Prime Day-type promos and World Cup spending. So the July drop is mostly normalization, not collapse.

But the YoY cooling? That's real. Consumers are pulling back. Not crashing, just less enthusiastic.

This matters if you're buying consumer-facing businesses or sitting on retail exposure. Discretionary spend is the canary. Watch it.