For the sake of completeness, here's the consumer spending data from today's PCE report:
Spending was down 3.4% compared to November (note that this is seasonally adjusted, so it accounts for higher average holiday spending).
Is this a sign of economic slowdown? Maybe. On the other hand, spending is still above the pre-pandemic trendline, and there was never any special reason to think this should continue forever. As excess savings continue to drain out of bank accounts, spending is likely to revert back to trend. This is especially true since income has already reverted to trend—and then some:
Spending has to catch up to earnings one of these days. I'm frankly surprised it's held out this long.
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But I still have a soft spot for Eve, over there in Romania putting in the hours to feed her family.