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Wealthier Americans fueling U.S. retail spending surge
Wealthier households driven by gains in income housing wealth and stock wealth have sustained strong retail and restaurant spending despite high prices. Fed data show upper and middle income groups outpacing lower earners since 2021 with stock and home values rising sharply, while inflation erodes some gains yet keeps spending power among the rich high.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Research
U.S
Federal Reserve
Fed
Commerce Department
United States
Michael Pearce
Oxford Economics
Sinem Hacoglu Hoke
Helaine Rapkin
Ramsey
N.J
Rapkin
Pearce
Apple
New York
Associated Press