Baby Boomers Are The Last Line of Defense From a Recession

Need help with those ballooning loan payments? Call mom and dad. That is, if they aren’t too busy basking in retirement living to pick upt. While younger generations drove spending during COVID, spending has retreated for all but one age group: baby boomers. No time like the present: Earlier this year, a Bank of America…

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State of Consumer Spending Report: Goods + Services Diverge

Consumer spending has surprisingly held up in the past year — largely a result of increased prices — but also from strong consumption in certain categories. Here’s where consumers are cutting back and splurging. 📉 Goods spending is slowing According to a Morning Consult survey, consumer spending fell a sharp 9.5% in March — echoed…

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The backbone of the U.S. economy showing cracks

Consumers are the backbone of the U.S. economy — making up nearly two-thirds of GDP. But consumers are showing signs of slowing their spending as economic conditions worsen. In May, U.S. retail sales fell for the first time this year, and recession odds are increasing — pressuring consumers even more. Layoffs: Big layoff headlines have…

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