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  "documentTitle": "US Credit Card Issuer Performance 1Q 2023",
  "authorId": "McKinsey",
  "authorName": "McKinsey",
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      "text": "The Visa Spending Momentum Index (SMI) is calibrated to be representative of all consumer spending regardless of form factor used for payment. When the SMI rises above 100, spending momentum is strengthening and when it falls below 100, spending momentum is weakening as fewer consumers are spending more, relative to the previous year. In 2023, SMI moved from 100.5 in Jan to 98.4 in Feb and then to 94.6 in Mar. 94.6 is the lowest SMI since May 2020.",
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