Economic Cooldown: High Inflation and Slowing Spending Spell Trouble for American Households
- U.S. economy expected to cool considerably as consumer spending slows down
- Holiday spending in 2022 was a "last hurrah" for consumers
- Households tapping savings and taking on debt to maintain spending levels
- Inflation remains high compared to pre-pandemic levels, putting strain on households
- Lower-income Americans disproportionately affected by still-elevated inflation