Consumer spending is being driven almost entirely by the wealthiest Americans. The top 10% now account for 49.2% of all spending, up from 48.5% last quarter—highlighting a growing divide in the economy. While the wealthy continue to splurge, lower- and middle-income households are tightening budgets, falling behind on credit card and car payments, and struggling with rising costs. Meanwhile, high-income earners are benefiting from record stock and home prices, creating an imbalanced economy that risks becoming unstable.
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