Goldman Sachs economist Jan Hatzius noted in a new report that S&P 500 discretionary consumer companies saw sales grow by 5.9% year-over-year in the second quarter, while staple consumer companies grew by 3.9%, driven by higher-than-expected tax refunds, but he expects this strong momentum to be temporary. Goldman Sachs anticipates that real consumer spending growth will slow to 1-1.5% in the second half of the year as real cash flow stagnates.