The economy expanded by an annualized pace of 2.8 percent in the second quarter, fueled by businesses restocking inventories, government spending, and robust consumer expenditures on various sectors such as health care, housing, cars, and furnishings.
Wealthier Americans are noticeably spending post-pandemic, benefiting from rising investments and home values. However, the increase in consumer spending extends to low to middle-income Americans too, driven by wage growth outpacing inflation and reliance on credit amid higher prices.
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