Inflation is rising faster than wages and people are feeling it.
- Americans increased spending in May by just 0.2%, as high inflation made them more cautious about finances.
- Incomes also rose 0.5% in May, but inflation is still rising faster than wages and leaving most Americans worse off financially.
- Experts say the fate of the economy over the next year will be dictated by consumers.
- If they keep spending despite inflation and rising interest rates, businesses are unlikely resort to mass layoffs and trigger a recession.
- Are you struggling from inflation?