The US economy has held up remarkably well this year, defying recession predictions, thanks in part to Americans’ pandemic-era savings that have cushioned consumer spending.
But that support is now running low.
Americans’ personal savings have collapsed by an eye-watering $5.5 trillion since April 2020 thanks to soaring inflation, according to Barchart.com – and that could spell trouble for the economy.
Read More : US Economy Faces Risks as $5.5 Trillion Savings Wipeout Unfolds