The June 2021 edition of Numera’s US Macro Monitor discusses US consumption prospects, exploring the likelihood of a normalization in expenditure patterns. We then evaluate the implications of potential budget shifts for sector rotation, focusing on the relative performance of tech stocks.

US private consumption is up 6% so far this year, benefiting from rising mobility, improving confidence and high personal savings. Yet despite the improvement in overall spending, household expenditure patterns remain heavily skewed towards goods and at-home services:

In this month’s US Macro Monitor, we explore the impact of declining public health risks on consumer choice. In addition, we explore how potential budget shifts affect the US inflation outlook, and the relative appeal of technology versus reopening and ‘value’ stocks.

Please note that Numera clients can download all the charts via our internal Macro website. If you would like a tour of the site, please contact Chris Cook at