Share of Consumers Spending More Than They Earn Rises on Inflation

An estimated 34 million US consumers, or roughly 13%, spent more than they earned in the past six months, underscoring how Americans are having difficulty managing their finances amid decades-high inflation.

The share of consumers spending above their income in the first half of the year rose one percentage point from 11.9% in May 2022 and 11.4% in April, according to a June survey conducted by LendingClub Corp. and industry publication Pymnts.com.