However, the report also indicated that the personal savings rate continues to decelerate, at 3.5% for the quarter, compared to 3.8% in Q1.
There have been signs of cracks lately in the consumer picture.
A report Wednesday from the Philadelphia Federal Reserve showed credit card balances at an all-time high for data going back to 2012. Revolving debt balances also reached a new high even as banks reported tightening credit standards and declining new card originations.
“The economy” went up because prices keep going up.
Regular Americans have less, because they’re spending more then ever on necessities.
I don’t know why people would brag about this like Americans not being able to save and going into credit card debt just to live. It’s bad for the vast majority of us, and only good for the richest. That’s where all that money is going.
Everyone should read the full article, but:
“The economy” went up because prices keep going up.
Regular Americans have less, because they’re spending more then ever on necessities.
I don’t know why people would brag about this like Americans not being able to save and going into credit card debt just to live. It’s bad for the vast majority of us, and only good for the richest. That’s where all that money is going.
If inflation out passes growth, the US is in stagnation. So… That sounds fun