Card-spending data shows Q2 services consumption holding up despite delinquency uptick.
Consumer
Major issuers reported softer revolving-credit balances but flat-to-up discretionary services spend in April. Travel/leisure outperformed; durables continued to lag.
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Angle
The bifurcation is real — consumer is fine in services, fragile in goods. Long travel/leisure baskets vs short discount-retail pair has worked all year; trim, don't add.