U.S. households have been whittling down their savings and taking on increasing amounts of debt.
indicates that wages haven’t kept up with inflation over that period. As a result, Americans have increasingly turned to their credit cards and savings accounts to keep up their spending habits.
Americans have spent down about half of the savings they accumulated during the pandemic, going from about $2.
Another key factor economists say they are watching is the job market, which has remained strong in part because consumers have kept up their spending.
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