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SHOCKING SPENDING PLUNGE! America’s Wallets Are SLAMMED Shut!
Consumers Hit the Brakes: Spending DIPS for the FIRST TIME in 2023!
Hold on to your pocketbooks, folks! For the first time this year, Americans are tightening their belts as spending falls an alarming 0.1% in May! This shocking statistic comes right on the heels of dire news that the first-quarter GDP shrank more than anyone dared to expect! Get ready for the DARK CLOUDS looming over the economy!
Bad Vibes Only! The Retail Apocalypse Is Here!
The mood among consumers has soured, and the results are clear! 🚨 A grim report reveals both spending and incomes took a nosedive—down 0.4%—leaving economists shaking their heads! “Personal consumption expenditures are WEAK and lifeless,” warns Eugenio Aleman, chief economist at Raymond James. This isn’t just a passing storm; it’s a full-blown economic DOWNPOUR!
RIDE the Rollercoaster: Car Sales CRASH While Prices SOAR!
What’s behind this heart-stopping dip? Car sales plummeted! Americans rushed to buy cars earlier this spring, trying to dodge tariff bullets. Now? It’s a complete U-turn! Airfares, meals, and hotels are also trending DOWNWARD, signaling serious consumer distress! Luke Tilley from Wilmington Trust warns: “Consumers can’t handle higher prices—they’re skimping on travel and fun!” Yikes!
Retail Sales in FREEFALL! A Wretched 0.9% Decline!
As if that wasn’t enough, retail sales took another hit last month, crumbling by a staggering 0.9%! Is this the beginning of the END for consumer spending as we know it?
Income IN FREEFALL: Social Security Shake-Up Hits Hard!
Hold onto your hats! Income figures took a hit—thanks to a temporary boost in Social Security earlier this year—now it’s back to reality, and it’s not pretty! Economic woes are piling up!
Inflation RISES LIKE A ROCKET! Prices Keep Climbing!
And here’s the kicker: inflation is back! Prices shot up at a 2.3% annual rate in May, taking a huge bite out of your paycheck! Core prices are also rising—2.7% higher than last year—smashing any hopes for rates to drop soon!
Economic DOOM Ahead: Get Ready for a Summer Slowdown!
Forecasters are waving RED FLAGS everywhere! Economists predict a dramatic decline in consumer spending! The U.S. economy is poised for a catastrophic summer slowdown, and both consumers and businesses are bracing for the worst!
Economic Health on Life Support: Consumption Faces Dire Threats!
With savings dwindling and consumers terrified to borrow, expert warnings grow grimmer. “Consumption is likely to drop further and FAST!” warns the economist at Pantheon Macroeconomics. Real income growth is stalling, and prices are sky-high! Get ready for retail chaos!
The Fed Won’t Help: Rate Cuts OFF the Table for Now!
With inflation soaring above the Fed’s targets, there’s little hope of friendly rate cuts anytime soon! “Too many uncertainties still linger, and the Fed will simply hunker down!” says Nationwide’s Oren Klachkin!
Brace yourselves, America! The financial storm clouds are gathering, and things are about to get bumpy!
photo credit: fortune.com
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