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US Economy Increasingly Dependent on Spending by Wealthiest 10%

If the well-off pull back, the economy could quickly fall into a recession.

By Erik Sherman | February 26, 2025 at 05:22 AM

For some time, monthly consumer retail spending reports from the Census Bureau have had a touch of amazement about them. Many would strong economic growth would be spread close to evenly across each wealth class.

However, according to a Moody’s Analytics analysis of Federal Reserve data, the bustling economy is not a story of all consumers spending shoulder-to-shoulder. Instead, according to The Wall Street Journal on Moody’s numbers, the tale is of how statistical distributions are always critical in looking at data.

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