Wall Street investors remain braced for a recession. But a turndown hasn't yet materialized, due to strong demand from U.S. consumers. Spending makes up roughly 68% of the U.S. economy. It's remained strong amid high inflation as high-income Americans draw down generous savings accrued in the pandemic. Lower-income Americans who may have exhausted their pandemic savings are increasingly turning to credit cards to finance daily life.
Chapters:
00:00 — Introduction
01:15 — Budgets
04:24 — Credit
06:13 — Split economy
Produced by: Carlos Waters
Supervising Producer: Lindsey Jacobson
Graphics: Christina Locopo
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How The U.S. Is Stalling A Recession