Survey: American households slowing down on spending

American households are slowing down on the spending and are expected to pull back even more this year.

CNN—American households are slowing down on the spending and are expected to pull back even more this year.

A new survey from the Federal Reserve Bank of New York shows a spending decline in the final four months of last year after reaching a high of 9% in August monthly household spending growth fell to 7.7% in December.

That growth is still well above pre-pandemic spending levels.

People putting off big purchases is largely responsible for the decline.

While the likelihood of buying a big ticket appliance in the next four months increased, it declined for things like vehicles, home repairs and vacations.