G10 Consumer Dashboard: September 2026: Improvement in the US, Slowdown Elsewhere

We update our G10 consumer dashboard through August. G10 consumers generally continue to benefit from healthy balance sheets, but real income growth is soft and spending growth is starting to slow in most DMs amid higher energy prices. Household net worth as a share of income stands close to all-time highs in Japan, Australia, and the US, around P90 in Canada and the Euro area, and around P60 in the UK. Consumer sentiment remains subdued across DMs, especially among low-income consumers; the University of Michigan's index declined to 47.8 in September. Real income growth stands close to all-time lows in Canada and around P20 in the US and Euro area. Real spending growth slowed in Japan (P40), the Euro area (P40) and the UK (P50), was unchanged in Canada (P35) and Australia (P65), but improved in the US (P70), with core retail sales up 1.4% in August. Labor markets remain healthy in the Euro area, Australia, and Japan, with unemployment close to historical lows at 6.4%, 4.6% and 2.4% re