Consumer spending increases before tariffs take hold
U.S. consumers are opening their wallets, hoping to beat the full effect of President Trump's tariffs, according to a new report.
Total spending through the first 15 days in April rose roughly 3.8% from the same period of 2024, financial services giant JPMorgan said Wednesday.
A later Easter this year and "possible 'binge' purchases in anticipation of tariffs" explain the increases, authors Richard Shane, Melissa Wedel and A.J. Denham said in the report.
Trump announced the tariffs this spring but later paused most of them for 90 days, but the 125% tariff on goods imported from China remains in effect.
Gen Z and millennial spending rose 6.4% from a year earlier. "This cohort continues to drive spending growth, outperforming the overall average," the report stated.
The spending increase comes as homebuilders and buyers grapple with housing affordability concerns that have softened demand in some markets.
Homeowners hamstrung by property taxes
Homeowners aren't budgeting enough for property taxes and often don't know they can appeal the bills, a new survey shows.
More than eight in 10 respondents said they had budgeted for property taxes this year, and 66% of those said their bills were higher than what they had set aside to pay them, according to the analysis by Ownwell. The company said it partnered with Pollfish to survey 2,500 U.S. homeowners between March 20 and 23.
What's more, the results indicated that 78% of respondents said they had never appealed their tax bills, with 53% of those saying they had not realized that was an option.
Property taxes factor in most monthly mortgage payments. The company's goal is to help homeowners lower their tax bills, "just like big corporations do,” founder and CEO Colton Pace said in a statement.