How High Interest Rates Impact US Consumers
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Despite concerns about a potential economic slowdown, recent data suggests that American consumers are still in good financial shape. The U.S. economy has been experiencing strong growth, driven by factors such as lower inflation, steady wage growth, increased household savings, and a strong job market. The ability of businesses and households to lock in lower interest rates during the pandemic has also contributed to the economic uptick. Consumer spending, which makes up about 70% of the economy, has been a key driver of this growth, with a nearly 5% increase in real GDP in the third quarter. However, there are signs that consumer spending may be softening, with a slower pace of growth in October compared to previous months. Factors such as high prices and interest rates for new cars, dec...
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