JPMorgan Chase Institute Releases Local Consumer Commerce Index of Everyday Spending in 15 U.S. Cities
July 28 2016 - 12:35PM
Business Wire
April Saw a 1.1 Percent Increase in Everyday
Spending Growth
Today, the JPMorgan Chase Institute released the Local Consumer
Commerce Index (LCCI) for April 2016 - a monthly measure of
year-over-year growth in everyday consumer spending. The Index
analyzes debit and credit card spending by over 54 million
anonymized Chase customers across 15 major U.S. cities.
This report provides a timely view of how the following cities
and surrounding metro areas are faring economically both
individually and in aggregate: Atlanta, Chicago, Columbus, Dallas,
Denver, Detroit, Houston, Miami, Los Angeles, New York, Phoenix,
Portland (OR), San Diego, San Francisco and Seattle. By looking at
actual financial transactions, LCCI offers an ongoing, dynamic view
of the health and vibrancy of the U.S. consumer and the places
where businesses operate.
The key highlights from the latest Index include:
- Across all 15 cities, spending grew by
1.1 percent year over year in April 2016, rebounding from flat
growth in March.
- Among the 15 cities tracked, the
smaller cities experienced faster spending growth in April 2016
(2.5 percent on average) than mid-sized and large cities.
- Among all of their customers, merchants
experienced the fastest growth in sales to people who were
from outside of the merchant’s metro area. “Different-region”
spending has grown faster than “same-region” spending since early
2015.
“It’s promising to see that year-over-year growth in April was
much more widespread than in March. Overall, consumer spending
rebounded from flat growth and we hope to see that continue to
increase in May, like we did in 2015,” said Diana Farrell,
President and CEO of the JPMorgan Chase Institute.
The LCCI offers unique advantages over existing measures of
consumer spending.
- The LCCI captures actual transactions,
instead of self-reported measures of how consumers think they
spend.
- The LCCI provides timely data on
spending in 15 major metropolitan areas; such geographic
granularity is unavailable in most other spending measures. These
15 cities mirror the geographic and economic diversity of larger
metropolitan areas in the United States and account for 32 percent
of retail sales nationwide.
- It also presents a more granular view
of local consumer commerce through five important lenses: consumer
age, consumer income, business size, product type, and consumer
residence relative to the location of the business. For each lens,
we show how different segments contributed to year-over-year
spending growth.
- The LCCI captures economic activity in
sectors that previously have not been well understood by other data
sources. These include sectors such as food trucks, new merchants,
and personal services.
Each release of the LCCI will describe the economic picture of
local communities and provide a powerful tool for city development
officials, businesses, investors, and statistical agencies to
better understand the everyday economic health of consumers,
businesses, and the places they care about.
About the JPMorgan Chase Institute
The JPMorgan Chase Institute is a global think tank dedicated to
delivering data-rich analyses and expert insights for the public
good. Its aim is to help decision makers – policymakers,
businesses, and nonprofit leaders – appreciate the scale,
granularity, diversity, and interconnectedness of the global
economic system and use better facts, timely data and thoughtful
analysis to make smarter decisions to advance global prosperity.
Drawing on JPMorgan Chase & Co.’s unique proprietary data,
expertise, and market access, the Institute develops analyses and
insights on the inner workings of the global economy, frames
critical problems, and convenes stakeholders and leading thinkers.
For more information visit: jpmorganchaseinstitute.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160728006274/en/
Media:JPMorgan Chase & Co.Nicole Kennedy,
215-864-5732nicole.kennedy@chase.com
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