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The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living

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The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says

The US economy is experiencing a "selective recession" where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.

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