Inflation Erodes Pay, Consumers Tighten Their Belts
TL;DR
CBS News outlines five warning signs that U.S. consumers are feeling the squeeze: after-tax income is shrinking relative to inflation, credit card delinquencies are at their highest since 2011, the personal savings rate has dropped to a 22-year low, more workers are taking 401(k) loans or hardship withdrawals, and households are cutting back on gas purchases as prices rise. Despite ongoing spending and a 1.6% GDP pace in Q1, many households face reduced purchasing power and potential slower momentum if inflation persists.
Topics:businesseconomy#consumer-spending#credit-card-delinquencies#economy#gas-prices#inflation#savings
- 5 economic signals suggest U.S. consumers are feeling the strain CBS News
- Analysis: An end to the Iran war may be just the beginning of a new era of U.S. inequality CNBC
- Americans have paid an additional $59 billion in inflated fuel prices since Trump started his Iran war The Independent
- US consumers face looming spending squeeze as Trump tax rebates fade Financial Times
- Letters to the Editor Pahrump Valley Times
Want the full story? Read the original reporting
Read on CBS News