The US Consumer’s Economic Test

March 10, 2025 — In the aftermath of the pandemic, the resilience of the US consumer has been a cornerstone of the economic recovery. Despite facing an unprecedented economic environment, sharply higher rates, and the threat of tariffs, consumer spending has remained robust, driving growth and stability. However, recent indicators such as softening job data and wavering consumer confidence suggest that cracks may be forming. Nevertheless, with consumer balance sheets remaining strong in aggregate, there is optimism that they will be able to navigate any economic turbulence.