Last month we reported a dip in U.S. consumer spending growth. Now our June ChangeWave survey shows a further and more significant weakening in consumer spending going forward.

The survey of 2,590 U.S. consumers, conducted between June 1-13, also shows a sharper than expected downturn in consumer expectations and confidence. And although spending on autos is registering a slight improvement this month, we’re seeing a decline in household repairs, durable goods, restaurants, travel/vacation and electronics.

On a positive note, the survey shows higher energy costs and inflation are now much less of a concern to consumers than they were previously. But our June survey is also picking up a surge in the percentage saying they’re saving more money and reducing debt. And we note that last summer – as consumer spending tightened and confidence plunged – we also saw a rise in the percentage of consumers spending less because they were saving more money.

Report details include:

• Consumer Spending Behavioral Forecasts – Past 3 Years Comparison
• Consumer Spending on Electronics, Household Repairs/Improvements, Restaurants, Retailers, Travel/Vacation, Autos, and other categories
• Next 90-day spending projections for several major retailers including Amazon (AMZN), Apple (AAPL), Bed, Bath and Beyond (BBBY), Best Buy (BBY), Costco (COST), JC Penney (JCP), Kohls (KSS), Macys (M), Target (TGT) and Walmart (WMT)
• The Impact of High Energy Costs and Inflation on Consumers
• Consumer Confidence with the U.S. Stock Market
• Changes in Consumer Sentiment and Expectations

The Complete Consumer Spending Report is available here.