NEW YORK—A new report suggests resilient U.S. consumers may finally be running out of gas. It’s just the latest analysis that seeks to forecast when the economy might enter a recession, however mild it might be.
“Not even two years of soaring prices and mounting interest rates have stopped Americans from opening their wallets and tapping their credit cards,” stated CNN. “The consumer’s willingness to keep paying high prices has kept the U.S. economy relatively strong, but that attitude could soon be shifting.”
According to CNN, some experts think the combination of high housing costs, rising credit card debt and shrinking savings could mean the end of post-Covid splurges, maybe even as soon as this year’s holiday shopping season.
“Headwinds are going to eventually force the consumer to buckle, and I think that we’re going to see consumers have to pull back on spending for a quarter or two,” Erik Lundh, a principal economist at The Conference Board, told CNN.
Your Best Holiday Shopping Offer is Here!
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?