Credit card usage proves to be on the rise

• High energy prices are expected to impact consumer spending for several months, potentially until Q4.
• Consumer spending outside of gasoline is showing signs of slowing, indicating potential stress.
• The labor market remains strong, but consumer spending trends (retail sales, jobless claims) are key indicators for future employment.
• AI and data center construction are providing a significant boost to the US economy and job creation, offsetting some energy-related stress.
• Semiconductor stocks are experiencing profit-taking after an 'epic run-up'.

JPMorgan's Chief US Economist Michael Feroli discusses the impact of high energy prices on consumer spending, noting potential stress despite a strong labor market. He anticipates energy prices returning to February levels by Q4. While AI and data center construction provide economic boosts, he highlights slowing non-gasoline spending and watches retail sales and jobless claims closely. Semiconductor stocks are experiencing profit-taking after significant gains.