Fox Business Network host Charles Payne said the apparent decline in consumer spending was “shocking” on Friday, and said a return to “boom times” was not on the horizon.

“A couple of days ago, Bank of America came out with their credit card data, and it was scary! I mean, a shocking decline in restaurants, airlines, lodging,” Payne said during a Friday appearance on Fox Business Network’s “Mornings With Maria.”

“Just look at the most recent poll on people who say they’re going to go traveling in the next few months, and it’s plunged,” he added.

The Commerce Department on Feb. 28 released data showing consumers in January slashed their spending by 0.2 percent from December, the most since February 2021.

“I think the boom times are over. All the free money has been spent,” Payne told anchor Maria Bartiromo.

Earlier in the segment, he said tariffs have traditionally been associated with big booms, referencing the 1920s, which was marked by Republican dominance under former President William McKinley, and is often cited by President Trump.

Payne said the Federal Reserve should lighten up on interest rates to increase the number of consumers who are actively able to make purchases.

“This is why I have a problem…with the Federal Reserve and interest rates, because if they look at aggregate data, it looks great,” he said. 

“But the problem is 10 percent are doing 50 percent of the buying. And everyone else is struggling because of higher rates. It’s a no-win situation.”

The February jobs report showed the U.S. added 151,000 jobs, many of which Trump said were in the manufacturing industry. He said Americans can expect to see more positions open up in the sector as an impact of his tariff policy and federal workforce reduction.

“You’re going to see it already. We already have numerous [factories] that are being built or starting to be built, and numerous that were being built in other countries and they stopped and they’re coming here now because of the tariffs,” Trump told reporters on Friday.

“And that’s a big deal. That’s what you want to hear.”

The president has pushed back his sweeping tariffs against Canada and Mexico, while also threatening reciprocal tariffs on trading partners around the world. The tariff whiplash this week spooked the stock market, which had one of its worst weeks since September.