Lower-income Americans burn through savings as inflation bites
TL;DR Summary
Americans are drawing down savings as inflation and higher gas prices bite, with the personal savings rate at 3.6% in March—the lowest since the 2022 spike—while lower-income households cut spending and tap into cash, even as higher earners continue spending and the labor market remains resilient; the divergence points to a K-shaped economy.
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- The Outlook for the US Consumer amid Rising Inflation Goldman Sachs
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