Joseph Lupton joins Nora Szentivanyi to discuss recent shifts in consumer confidence, its fundamental drivers and the outlook for consumer spending. Macroeconomic fundamentals such inflation, income growth, labor markets and stock markets explain a reasonable share of movements in consumer confidence. But the latest consumer sentiment readings for DM economies broadly sit below the levels suggested by macro conditions. A decoupling of this consumer “malaise” from actual consumer behavior in the US drove an acceleration in global consumer spending last quarter. And with the latest PMI surveys indicating that the base for global growth is broadening, we expect consumer spending in a few key regional weak-spots (particularly Western Europe) to follow suit in the months ahead.   This podcast was recorded on May 22, 2024. This communication is provided for information purposes only.  Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4691534-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.