Reported about 5 hours ago
Phil Orlando, chief equity strategist at Federated Hermes, discusses the state of US consumers, highlighting a disparity between upper- and lower-income groups. While affluent consumers are relatively stable, those with lower incomes are cutting back on spending due to inflation. The back-to-school retail sales data shows a year-over-year increase of only 2%, the weakest performance in 15 years, indicating economic strain among lower-income households and suggesting slower GDP growth ahead.
Source: YAHOO