ALL THE MONEY NEWS YOU NEED TO KNOW | | | |
It's Bailey Schulz here to bring you Friday's top headlines. |
Americans have been tightening their spending to deal with high inflation and interest rates. |
But not everyone is pulling back. |
Data show the affluent are still splurging, with the top 10% of Americans based on income accounting for 45.5% of consumer spending in the fourth quarter, up from 44% in the third quarter. Spending by that group was up 3.8% during the last three months of 2022, compared to a 1.3% jump for the bottom 80%. |
The trend could bode well for the U.S. economy, bolstering hopes that the U.S. can dodge a recession since consumer spending makes up 70% of economic activity. |
"They are a critical part of any optimism that the economy can manage through this without going into a recession," said Mark Zandi, chief economist of Moody's Analytics. | People stand outside the Dolce & Gabbana store on Fifth Avenue, Nov. 21, 2021, in New York. Pamela Hassell, AP |
More wives are breadwinners. Why are they still doing the laundry? |
In marriages where both spouses earn 40% to 50% of the couple's combined earnings, husbands spend about 3.5 hours more a week socializing and relaxing compared with their wives, according to a new study from the Pew Research Center. |
Wives in these marriages spend roughly 2 hours more per week on caregiving than their husbands and 2.5 hours more on housework. |
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The dip underscores that Americans' wherewithal to spend is waning after a buying spree early in the year. Economists say the unusually warm weather in January and February had boosted retail and restaurant revenue along with travel. |
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