The US consumer spending showed a sign of deceleration, and the "hurricane" may not have passed yet.

Recently, several U.S. consumer industry giants' earnings reports showed a weakening trend in consumer spending. The performance of companies in the food, travel and cosmetics sectors all fell short of expectations, with Disney and Airbnb among the most notable. Disney's theme park revenue declined, and the average spending per person in the U.S. and Canada stopped growing. Airbnb's booking growth fell short of expectations, indicating consumers' cautious attitude towards travel spending.

Meanwhile, U.S. household debt has risen to a record level of $1.78 trillion, and the delinquency rates on credit cards and auto loans have increased. Market analysts point out that the high inflation, high interest rates and cooling labor market are intensifying consumers' pessimistic sentiment about the economic outlook.

With the fluctuation of consumer sentiment, the market's sensitivity to economic data has also increased. On August 14, the U.S. will release the July CPI data, and the market expects it to have a significant impact on the market. Morgan Stanley analysts believe that although the current market appears calm, there are no bottom features yet, and future volatility may further intensify. The weakening of consumer spending, which is a key driver of U.S. economic growth, will pose an important test to the health of the economy.