The U.S. economy has remarkably withstood this year, defying recession expectations, in part due to Americans' savings during the coronavirus pandemic after easing consumer spending.
At the same time, Americans' savings have fallen by about $5.5 trillion since April 2020, due to high inflation, which could be another problem for the US economy. Inflation has risen to historic levels in the United States since mid-2021 and has hurt savings, as prices for everything from energy to food have soared. Inflation hit a 40-year high of 9.1 percent in mid-2022 but has since slowed to 3 percent from last month, thanks to strong interest rate hikes by the Federal Reserve.
Source (CNBC Arabic Website, Edited)
