Spending stays strong as inflation chips away at savings
TL;DR Summary
Americans continue to spend at a pace that supports the economy despite higher prices, but inflation is eroding savings as many households cut back on saving and vacations. April spending rose while the savings rate fell to about 2.6% (the lowest in nearly four years), with gas and other costs cushioned by tax refunds and stock gains as shoppers seek deals.
Topics:business#consumer-prices#economic-indicators#economy#inflation#personal-finance#retail-and-wholesale
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