Middle-class Americans are “squeezing more life out of every dollar before deciding to spend it,” according to a new Federal Reserve report, which found credit card use has increased, fewer people were making retail visits and necessities had become the focus for consumers.
The latest “Beige Book” from the U.S. central bank showed that middle-class consumers are struggling to afford day-to-day life while low-income Americans are under greater financial strain. Wealthier households remain resilient and are feeling less pain from price increases, the report noted.
