Reported about 1 year ago
A vast portion of the US economy is showing signs of weakness as unemployment rises, consumer demand falters, and spending decreases. Surveys indicate a slowdown in service sector activities, with new orders and overall economic activity contracting unexpectedly. This decline in demand may lead to slower hiring and job cuts in service-providing businesses, as the US depends heavily on the service sector for employment and economic growth. Factors contributing to this economic shift include high inflation, increased interest rates, depleted savings, and rising debt among consumers.
Source: YAHOO