People are examining the development of the US economy from all possible angles. And with the presidential election in full swing, everyone’s awareness of high inflation, high interest rates and low savings is even greater. Forget just watching gasoline prices – almost anything can become an esoteric indicator of the country’s development.

But you know things aren’t going so well at Home Depot. For a company so closely tied to the real estate market, they might know a thing or two about how the economy is doing.

In a widely shared earnings report for investors, the home improvement chain noted a decline in consumer spending that it said was likely due to high interest rates and economic woes. Home Depot blamed the economy for a 3.6% drop in sales at its stores open at least 12 months last quarter. In addition, the company expects year-end store sales to be as much as 4% lower than a year ago.

“During the quarter, higher interest rates and greater macroeconomic uncertainty put pressure on consumer demand overall, resulting in lower spending on home improvement projects,” Home Depot CEO Ted Decker said in a press release.

Part of this decline is also likely due to people spending more money on experiences like travel and concerts than on home goods. Of course, during the pandemic, it was the other way around, with customers stuck at home. What else is there to invest in other than your own quarantined space or paying professionals (who buy their tools at Home Depot) to fix it up for you?

Now, housing prices are rising and renovations are top of mind. Home Depot – and companies like it – are feeling the brunt of it. Even real estate agents are losing their minds.

That’s not great! But maybe there’s a bright side. If people stop renovating their pretty 90s houses, they’ll stop making them ugly.