Americans are cutting back on personal hygiene products in a troubling sign for the US economy and consumer-focused companies.

• “The strains that the consumer is under have been exacerbated over the last couple of months,” one Morningstar analyst says.

This sets up a tough remainder of the year for consumer-goods companies and retailers, which begin reporting their latest quarterly results in a few weeks.

• Their stocks have trailed the S&P 500 this year, and now their ability to keep raising prices and gloss up their income statements looks like it won’t work much longer.

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