Q2 personal consumption was revised downward from 1.7% to 0.8%, indicating consumer spent much less on personal items then previously believed.

Additionally, personal savings rates were overstated. Savings were slashed by $1.1 trillion.

Analyst Comment: People on average have less savings than expected and are tightening their belts while prices remain high. Meanwhile student loan payments are coming back and rates are at record high. This is the setup for something big to break.