Fed's Barkin: Key to continued consumer spending is whether people lose work

ReutersSep 26, 2025 2:03 PM

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WASHINGTON, Sept 26 (Reuters) - U.S. consumer spending will likely hold up unless large numbers of people begin to lose their jobs, Richmond Fed president Thomas Barkin said on Friday.

"Both lower end and higher end spending are still reasonably healthy," Barkin said in comments at the Peterson Institute for International Economics. "People have jobs...Real wages are up...Consumer leverage isn't particularly stressed...The real question is, are people going to keep jobs? If you're going to see consumer spending drop down, it's that precautionary drawing in...that happens when either you lose your job or you're worried about losing your job."

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