Economic data and commentary from CEOs shows that inflation is starting to hurt the U.S. consumer, especially those with lower incomes.
The second quarter has shown continued earnings growth for corporate America, but there are signs that inflation and a slowing economy are starting to weigh on the U.S. consumer. Some corporate executives are highlighting growing weakness among lower income consumers, even while many companies say demand appears strong overall.
will fall into a recession as the central bank fights rising prices. The inflation comes after pandemic-era stimulus helped boost household balance sheets in 2020 and 2021, even for many unemployed Americans. CEOs cite that strength as a reason to be optimistic. However, with price increases outpacing wages, those savings won't be able to support the same level of spending.
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