Where Americans Are Cutting Back As Inflation Closes In

Americans aren’t wasting any time dealing with runaway inflation, which stands at 8.6% according to the US Inflation Calculator. They’re slamming on the brakes spending-wise, and that trend is going to have ramifications for US households and for the nation’s economy.

“Over the past 30-45 days consumers are very much starting to cut back on “big-ticket purchases” as well as changing their spending habits on many of their day-to-day routines,” said Shmuel Shayowitz, chief executive officer and mortgage banker at Approved Funding, in River Edge, NJ “Fewer people are willing to buy a house, less are willing to spend on car leasing or financing, and most are scaling back on bigger purchases in their homes such as entertainment, recreational, and some home improvements.”

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