American bank account balances are 10% to 15% higher than in 2019, new data shows. "However, households are rapidly spending down that extra cash they’d socked away during the pandemic," per the
Washington Post. "The data helps explain the big mystery behind how the U.S. economy has managed to avoid a recession that many economists had forecast: Consumers, supported by a strong labor
market, have been able to keep spending despite inflation and a sharp rise in borrowing costs."
Read the whole story at Washington Post »
