Visa U.S. Spending Momentum Index Falls Again in September - Business Wire
SAN FRANCISCO--( BUSINESS WIRE )--Visa (NYSE: V) today announced that the U.S. Spending Momentum Index (SMI) was 108.5 in September (seasonally adjusted), down 1.1 points from August. With the SMI reading still above 100, this signals that more consumers are still spending more than they did a year ago. By category, the SMI for discretionary purchases fell 0.8 points from the previous month to 105.0. The SMI for non-discretionary purchases fell 0.5 points to 99.6, marking a contraction in spending momentum. The SMI slowed the most in the Northeast, falling 2.7 points. The Midwest and South also slowed for the month, with both declining 0.3 points from August's levels. Spending momentum rose a slight 0.1 points in the West, to 111.3, the strongest reading among the four regions. "This month's SMI reading reinforces our view that consumer spending was impacted by the Delta variant," said Wayne Best, Visa's Chief Economist. "We still expect spending to...