Here are the latest signs that Americans are running out of savings

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Put together, the two surveys were the weakest in the New York Fed’s survey eight-year history, Barraud said.

He also pointed to a Federal Reserve Board paper, also suggesting a depletion of excess savings.

“In summary, latest Fed releases suggest households’ finances deteriorated over the past few months with savings falling sharply. It raises concerns about future consumption as several factors are already expected to weigh on spending by the end of the year, raising the probability of a recession,” he said.

Also with a glooming chart was Jackie Rogowicz, investment analyst at Penn Mutual Asset Management, who pointed out that the Johnson Redbook index of same-store sales growth turned negative for the first time since March 2020. “This could be a troubling sign as we head into second quarter earnings reporting for retail companies,” she said.

One example she gave was Levi Strauss’s
LEVI,
-0.99%
lowered revenue guidance, which the company said was the result of low- and middle-income pressures, as well as the revenue miss at luxury giant Richemont
CFR,
-1.08%.