Wall Street Journal staffer Eric Morath reports on the middle and upper income Americans who aren't spending as much since mid 2014.
JPMorgan report shows that older and higher income Americans around 65 and up have slowed their spending, but many younger than 35 were still holding up. Lately, big spending, such as cars and homes have slowed down. With declining gas prices and improving wage gains, economist expected more major spending.
“Low-income households and those under 35 have a lot less discretion about whether they’re going to spend more or less,” while higher earners “have quite a bit,” said Diana Farrell, the institute’s chief executive.
Meanwhile, those with larger paychecks may have investments or jobs that make them more nervous about a shaky global economy and turbulence in financial markets.