Spending stays strong as inflation chips away at savings
TL;DR
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:businesseconomy#consumer-prices#economic-indicators#economy#inflation#personal-finance#retail-and-wholesale
- Americans’ spending props up the economy as rising prices sap savings The Washington Post
- The pressure of maintaining their standard of living has had a dramatic effect on Americans’ savings MS NOW
- Inflation surge erodes savings as Fed delays rate cuts MSN
- A Check up on Consumer Health The American Action Forum
- Americans Are Saving 53% Less Than They Were a Year Ago. Here's How to Make Every Dollar Count The Motley Fool
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