Consumer spending is picking up, based on high frequency data. I do wonder how much of this is unit costs increasing vs volumes increasing. If it is due to increased unit costs this would imply a decrease in purchasing power as costs are increasing and consumers can continue this momentum as long as their incomes can keep up or draw down from savings. If it is volumes increasing, this would lean towards a re-acceleration in the economy and be quite positive for the economic outlook. Curious if those tracking this have an idea on which vector is causing this uptick here