Report published October 1, 2026
G10 Consumer Dashboard: Improvement in the US, Slowdown Elsewhere – Goldman Sachs
Goldman Sachs · October 1, 2026
Goldman Sachs' September 2026 G10 Consumer Dashboard indicates that while household balance sheets remain historically strong, consumer health deteriorated across most developed markets except the US. Real income growth remains soft and consumer sentiment is weighed down by high energy prices, even as labor markets stay tight in Japan, Australia, and the Euro area.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.G10 consumer balance sheets remain solid, but real income growth is weak and spending growth is decelerating across most developed markets amid elevated energy prices.
- 2.The US is the sole economy showing consumer health improvement (reaching P55), supported by upward GDP consumption revisions and strong August retail sales, though growth is forecasted to slow in 2026Q4.
- 3.Consumer sentiment remains depressed across developed markets, especially among lower-income cohorts who are disproportionately squeezed by energy costs.
Table of Contents
- Consumer Snapshot
- Consumer Health Trends
- Spending Indicators
- Labor-Market Indicators
- Consumer Sentiment Indicators
- Financial Indicators
- Consumer Dashboards
- Data Appendix
Report data
Exhibit 1: Balance Sheets Remain a Source of Strength, but Real Income Growth Is Weak
| Metric | Estimate | Context |
|---|---|---|
| University of Michigan Index of Consumer Sentiment | 47.8 index points | Declined by more than expected in September due to resurgence in fuel prices and trade tensions |
| Consumer Sentiment Month-on-Month Change | -5.2% | Australia consumer sentiment declined, leaving the index 12% below historical average |
| Basic Wage Growth YoY (All Workers) | 4.1% | Japan basic wage growth for all workers, though slowing to 2.5% on same-sample basis |
| Core Retail Sales Month-on-Month Growth | 1.4% | US core retail sales increased well above expectations, influenced by Amazon Prime Day timing |
| Unemployment Rate | 6.4% | Euro area unemployment rate |
Reports in this series
G10 Consumer Dashboard is shown in chronological order through this edition, published on October 1, 2026.
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