US consumer spending resilience hides inequalities – research
Low-income consumers’ credit card debt has risen substantially since 2019
Economic analysts and policy-makers have been quick to express their surprise at US consumer spending resilience since the pandemic. But researchers with the Federal Reserve Bank of Boston document several inequalities in credit card data over the period.
“Since 2022, real aggregate spending – overall spending adjusted for inflation – has been propelled by the highest-income consumers,” they write in an article published on August 13.
High income consumers’ credit card debt is still below pre
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