5 days ago
Americans are cutting their spending amid economic uncertainty, reports show
Economic uncertainty is prompting Americans to significantly reduce spending six months into Donald Trump 's second term.
Consumer spending growth has slowed considerably, with a marginal 0.1 percent increase in June following a decline in May.
New tariffs introduced by Donald Trump, effective from August 1, are forecast to cost the average household $2,400 by 2025.
The U.S. economy added only 73,000 jobs in July, a dismal report that reportedly led to the dismissal of the chief labor statistician.
Widespread consumer anxiety is evident, with many concerned about rising costs for groceries and housing, leading to reduced purchases across various sectors.
