Deteriorating economic activity among poorer Americans suggests the economy is at a turning point.
Share on linkedin Affluent Americans say the economy is just fine — and they're spending like it is, too. Meanwhile, lower-income consumers are, even if it doesn't show up in headline data, since higher-income consumers make up a disproportionate share of aggregate spending.
"In recent months, these comments have been much more prevalent among lower-income consumers, who typically have fewer financial resources to help buffer the pain of high prices," Hsu wrote. Pandemic-era savings have run down; the cost of their debt is getting more expensive. They are less likely to reap benefits from the stock market's gains.
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