US EditionAffluent Americans are driving US economy and likely delaying need for Fed rate cuts
- Older Americans, like Harris, are driving economic growth in the U.S. due to gains in the stock and housing markets, leading to increased consumer spending.
- Their spending on services like travel and healthcare is raising prices and inflation, unaffected by Federal Reserve rates.
- The "wealth effect" from rising home and stock values is boosting spending and countering predictions of an economic slowdown.
25 Articles
25 Articles
Affluent Americans are driving US economy and likely delaying need for Fed rate cuts
By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth
Associated Press News
Affluent Americans are driving US economy and likely delaying need for Fed rate cuts
Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for
Affluent Americans are driving US economy and likely delaying need for Fed rate cuts - The Morning Sun
WASHINGTON (AP) — Since retiring two years ago, Joan Harris has upped her travel game. Once or twice a year, she visits her two adult children in different states. She's planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain. “I really have more money to spend now than when I was working,” said Harris, 64, an engine…
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