I think this is correct. US consumers are still repairing their household balance sheets which have been distorted due to super easy credit.
From the comments:
“The United States economy is like a poker game where the chips have become concentrated in fewer and fewer hands, and where the other fellows can stay in the game only by borrowing. When their credit runs out the game will stop.”
-Marriner Stoddard Eccles, Beckoning Frontiers (1951)