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Making Ends Meet Today Is A No-Fun Contest
New York AP reports ongoing strain on American households from high rates, prices, and taxes. Consumers shifted buying to big-ticket items, borrowed against life insurance, and moved funds from banks to higher-yielded securities. Mutual savings banks saw withdrawals as investors seek better returns, while fire insurance policy loans rose sharply. Retail sales cooled as more people bought but overall purchases did not rise with inflation.
MENTIONED IN THIS ARTICLE
New York
U.S. Treasury
Mutual Savings
Commerce Department