Shoppers in San Francisco.
The main drivers behind the remarkably resilient American consumer spending are losing steam at the same time, suggesting a recent pullback in household demand may be more than just a one-off.
Real disposable incomes have risen only modestly over the past year. The savings rate now stands at a 16-month low, as households have mostly exhausted the extra pile of cash they squirreled away during the pandemic. In turn, many Americans are increasingly relying on credit cards and other sources of financing to support their spending.
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