US real personal consumption expenditure growth is slowing. Slowing house price growth predicts further weakness.

In this cycle, consumer sentiment surveys have significantly overpredicted the US consumer spending growth.

The chart below plots real PCE growth vs the Michigan consumer sentiment survey. The gap with the Conference Board Consumer Conf survey is even starker. pic.twitter.com/PyQMXnZgJN

— Gaurav Saroliya (@GauravSaroliya) September 27, 2019