New York Times: “The enduring strength of consumer spending, which powers two-thirds of America’s economic output, has been the main reason that the United States has evaded a recession through successive drubbings over five years: roaring inflation, a rapid run-up in interest rates and a barrage of tariffs.”
“But the war in the Middle East may prove one blow too many for even those hardy American consumers, who have also seen their balance sheets eroded by slowing wage increases, rising costs and a pullback in government safety net benefits. The personal savings rate is the lowest it has been since 2008, outside pandemic-era swings.”



