Consumer spending remains resilient despite pessimistic sentiment surveys, suggesting the traditional relationship between consumer sentiment and economic activity has broken down.

"profit reports from the nation's biggest retailers could give a hint about how shoppers are dealing with high inflation and a slowing job market"

"Spending at 'food services and drinking places'—the ultimate discretionary category—jumped 0.5 percent...the negativity it is picking up does not translate into lower levels of economic activity."