New research from the San Francisco Federal Reserve found that middle- and lower-income U.S. households are running low on disposable cash as the economy shows signs of slowing.
Middle- and lower-income Americans are running low on disposable cash and are on track to have less than they were on pace to have before the COVID pandemic disrupted the economy, a study by the Federal Reserve Bank of San Francisco found.
Smaller financial cushions and heightened credit stress for households at the bottom 80% of the income distribution pose a risk to future consumer spending growth," wrote economists Hamza Abdelrahman, Luiz Edgard Oliveira and Adam Shapiro. Consumer spending, which accounts for about two-thirds of U.S. economic output, and the labor market were surprisingly resilient while the Federal Reserve raised interest rates aggressively in 2022-23 as it sought to tamp down inflation.
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