Consumer spending is growing but the pace has slowed, says Bank of America's Liz Everett Krisberg

Consumer Spending Trends - Overall consumer spending is still growing, but the pace has slowed, increasing by 13% year-over-year in November, down from 24% in October [2][3] - Seasonally adjusted month-over-month consumer spending was flat in November, the first time in five months it didn't grow [3] - Higher-income consumer spending grew by 26%, while lower-income consumer spending grew by 06%, indicating a divergence [4] - Middle-income consumer spending experienced a pullback, going from up 17% to up only 14% [5] Wage Growth Disparities - Higher-income wage growth was up 4% in November, the highest level in four years [6] - Lower-income households also saw wage increases, going from 1% to 14%, but the difference remains significant [6] - The labor market for lower-income individuals is stabilizing rather than declining [7] Labor Market Insights - The number of accounts receiving a paycheck increased by 02% in November, indicating the labor market is expanding, though at a slower pace than in previous months [10][11] - The number of new households receiving unemployment benefits remains relatively consistent with previous months [13] - The labor market is described as being in a "higher low fire environment," but still expanding [13] Inflation Analysis - Growth in holiday spending is driven by more transactions, suggesting inflation is not accelerating in that area [15][16]