Americans Are Battening Down The Hatches During Tough Economic Times


Americans aren’t losing any time coping with runaway inflation, which stands at 8.6% in response to the US Inflation Calculator. They’re slamming on the brakes spending-wise, and that pattern goes to have ramifications for U.S. households and for the nation’s economic system.

“Over the past 30-45 days consumers are very much starting to cut back on “big-ticket purchases” as well as changing their spending habits on many of their day-to-day routines,” stated Shmuel Shayowitz, chief govt officer and mortgage banker at Approved Funding, in River Edge, N.J. “Fewer people are willing to buy a house, less are willing to spend on car leasing or financing, and most are scaling back on bigger purchases in their homes such as entertainment, recreational, and even home improvements.”