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The question of whether or not the U.S. economy is in recession remains one of the most hotly debated topics of 2022, yet corporate America is bracing for a slump in consumer spending. As high inflation depresses consumer demand, businesses of all sizes expect the economy to worsen in 2023.
Consumer spending has kept the U.S. economy afloat over the last year, but it is unclear whether this pace of spending will be sustained in the coming year as household budgets become further stressed.
Bank deposits have fallen by $340 billion since their peak in April, indicating a weakening savings buffer. The personal savings rate as a share of disposable income fell to a 17-year low of 2.3 percent in October. And consumers are increasingly turning to credit cards to make ends meet in the face of rising prices....