Consumer Cracks In the United States, the consumer is the economy. Consumer spending accounts for around two-thirds of U.S. GDP, so when spending falters, the economy is in a pinch. That is why economists have been worried about the state of people’s wallets in the face of the high inflation Americans have been enduring. Even…Read more
Consumer spending is the backbone of the U.S. economy, and the fact that Americans kept their wallets handy throughout the steep inflation of the past years helped the economy stay resilient. But a closer look reveals that it’s not quite so simple. While high-income earnings are behaving one way, lower and middle-income households are spending…Read more
