Goldman Sachs US Consumer Dashboard: May 2026 – Low Confidence
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Goldman Sachs' May 2026 edition of the United States Consumer Dashboard reveals that consumer confidence currently remains at a depressed state. The report evaluates various macroeconomic indicators to gauge household financial health and spending propensity. Based on the available dashboard summaries, income growth and consumer sentiment have weakened, even though underlying household balance sheets continue to demonstrate considerable strength.
The investment bank forecasts a noticeable slowdown in spending growth during the second half of 2026. While the broader labor market appears to be stabilizing after previous volatility, real income growth is projected to reach a mere 1.3% for the year. This stagnation in real wage growth is largely attributed to persistent headwinds from elevated energy prices, which continue to erode consumer purchasing power across multiple retail categories.
Despite the overarching weakness in sentiment, the report highlights that household balance sheets remain robust overall. Aggregate debt levels are relatively moderate, and broader credit growth is subdued. However, specific vulnerabilities persist within subprime auto loans and credit card delinquencies, which require close monitoring. Additionally, the report notes that consumer confidence experienced a sharp decline following the onset of the Iran conflict. This sustained atmospheric of low confidence will likely serve as a considerable headwind for discretionary expenditures moving forward.
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