JPMorgan Chase Institute’s Local Consumer Commerce Index Shows a 3.6 Percent Increase in Consumer Spending Growth
August 16 2017 - 11:32AM
Business Wire
Denver, New York, San Diego and Detroit
experienced the fastest spending growth among 15 U.S. cities
analyzed
Today, the JPMorgan Chase Institute released its Local Consumer
Commerce Index (LCCI) for April 2017, which showed positive
consumer spending growth in 13 of the 15 U.S. cities analyzed.
Overall, consumer spending increased by 3.6 percent between April
2016 and April 2017.
Following a trend that began in February, spending by consumers
in all income groups and at businesses of all sizes made positive
contributions to overall growth in April 2017. Additionally,
spending on non-durable goods contributed 1.2 percentage points to
growth, a significant bump from the 0.3 percentage point drag on
growth in March 2017.
Data visualization of the changes in local consumer spending
growth over the last 24 months can be found online.
This report provides a timely view of how the following cities
and surrounding metro areas are faring economically, both
individually and in aggregate: Atlanta, Chicago, Columbus,
Dallas-Ft. Worth, Denver, Detroit, Houston, Miami, Los Angeles, New
York, Phoenix, Portland (OR), San Diego, San Francisco, and
Seattle. By looking at actual, de-identified financial
transactions, LCCI offers an ongoing, dynamic view of the financial
health of the U.S. consumer and the vibrancy of the places where
businesses operate.
“A month earlier we saw the highest year-over-year growth in
local consumer commerce in over two years, and now April was even
higher,” said Diana Farrell, President and CEO of the JPMorgan
Chase Institute. “April’s growth was broad-based, with net positive
contributions from spending by consumers of all ages and incomes,
who increased their spending at businesses of all sizes. Early
signs for March and April are positive, but we will want to see a
few more months of sustained momentum to ensure a recovery is
underway in local consumer commerce.”
Additional key highlights from the latest Index include:
- New York grew the fastest of the large
cities in April 2017, registering a 5.2 percent growth rate. This
is the highest growth rate for New York since the 5.6 percent
growth rate in May 2014.
- On average, local spending among large
cities increased by 3.7 percent in April 2017, a significant
increase from the 2.2 percent average growth rate registered in
March 2017.
- Detroit grew the fastest of the
mid-sized cities, registering a 4.8 percent growth rate in April
2017, a significant increase from the 2.7 percent growth it
experienced in March 2017.
- Among smaller cities, Denver grew at
10.4 percent in April 2017, cooling off from the record high 15.8
percent growth rate it registered in March 2017.
- Only Atlanta and Seattle experienced
negative growth rates. Spending in Seattle and Atlanta dropped by 6
percent and 0.1 percent in April 2017, respectively.
The LCCI offers unique advantages over existing measures of
consumer spending.
- The LCCI captures actual transactions,
instead of self-reported measures of how consumers think they
spend.
- The LCCI provides timely data on
spending in 15 major metropolitan areas; such geographic
granularity is unavailable in most other spending measures. These
15 cities mirror the geographic and economic diversity of larger
metropolitan areas in the United States and account for 32 percent
of retail sales nationwide.
- The LCCI also presents a more granular
view of local consumer commerce through five important lenses:
consumer age, consumer income, business size, product type, and
consumer residence relative to the location of the business. For
each lens, we show how different segments contributed to
year-over-year spending growth.
- The LCCI captures economic activity in
sectors that previously have not been well understood by other data
sources. These include sectors such as food trucks, new merchants,
and personal services.
Each release of the LCCI describes the economic picture of local
communities and provides a powerful tool for city development
officials, businesses, investors, and statistical agencies to
better understand the everyday economic health of consumers,
businesses, and the places they care about.
About the JPMorgan Chase Institute
The JPMorgan Chase Institute is a global think tank dedicated to
delivering data-rich analyses and expert insights for the public
good. Its aim is to help decision makers – policymakers,
businesses, and nonprofit leaders – appreciate the scale,
granularity, diversity, and interconnectedness of the global
economic system and use better facts, timely data, and thoughtful
analysis to make smarter decisions to advance global prosperity.
Drawing on JPMorgan Chase & Co.’s unique proprietary data,
expertise, and market access, the Institute develops analyses and
insights on the inner workings of the global economy, frames
critical problems, and convenes stakeholders and leading thinkers.
For more information visit: jpmorganchaseinstitute.com.
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JPMorgan ChaseSteve O’Halloran,
302-282-5699steve.ohalloran@chase.com
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