The David Lin Report · Wednesday, September 23, 2026
Evidence of a consumer spending slowdown is emerging from corporate statements. American Airlines and United have reduced capacity, and Dollar General reported that even their high-end consumers are spending less.
“because when American Airlines tell you that they're taking capacity out of the system, that they're moving flights from the system because there's not enough demand outside of what, you know, those those in the front of the bus who continue to benefit from from the higher rates they can make on their cash, you know, $8 trillion in money market funds after last week.”
“But outside of that cohort, even dollar general came out last week and said, look, our high end consumer that has traded down to shop at dollar general, even that high end consumer is spending less.”