The 3 Drivers Of US Consumers Hit A Wall – OpEd
==========
Consumer spending in the US has been propped up by incomes, savings, and debt, but all three drivers are now running out. Real incomes, which had been beating inflation, have slowed down to just 1% year-on-year. Americans built up over $2 trillion in excess savings during the pandemic, but those savings have now been used up. Private debt has skyrocketed to a new record of $17.5 trillion, with credit card delinquencies up 50% year on year. As a result, consumers are exercising spending restraint, particularly in areas like cars, consumer durables, restaurants, and leisure. The economy is also showing signs of decline, with GDP growth dropping from 4.9% to 1.3% in just 9 months. The article suggests that the government may need to ramp up spending or face the consequences of a crashing economy.
#UsConsumers #ConsumerSpending #Incomes #Savings #Debt #GdpGrowth #EconomicDecline
https://www.eurasiareview.com/22062024-the-3-drivers-of-us-consumers-hit-a-wall-oped/
Eurasia Review /
npub1wc…jzsfw
2024-06-22 01:34:12
Author Public Key
npub1wc7d8ck45cw5jgdwx6du933w2eqtgpmyvxgk6wtmzdghtpwrx2cqejzsfwPublished at
2024-06-22 01:34:12Event JSON
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"content": "The 3 Drivers Of US Consumers Hit A Wall – OpEd\n==========\n\nConsumer spending in the US has been propped up by incomes, savings, and debt, but all three drivers are now running out. Real incomes, which had been beating inflation, have slowed down to just 1% year-on-year. Americans built up over $2 trillion in excess savings during the pandemic, but those savings have now been used up. Private debt has skyrocketed to a new record of $17.5 trillion, with credit card delinquencies up 50% year on year. As a result, consumers are exercising spending restraint, particularly in areas like cars, consumer durables, restaurants, and leisure. The economy is also showing signs of decline, with GDP growth dropping from 4.9% to 1.3% in just 9 months. The article suggests that the government may need to ramp up spending or face the consequences of a crashing economy.\n\n#UsConsumers #ConsumerSpending #Incomes #Savings #Debt #GdpGrowth #EconomicDecline\n\nhttps://www.eurasiareview.com/22062024-the-3-drivers-of-us-consumers-hit-a-wall-oped/",
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