Inflation & Prices
Inflation Starts to Drag on Consumers Powering US Economy
- Real spending in third quarter likely grew least since 2020
- Whirlpool, P&G executives see higher prices hitting demand
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There are early signs that US consumers, who have been largely resilient in the face of relentless inflation, are beginning to balk at high prices.
From Whirlpool Corp. to Procter & Gamble Co., companies are noting that shoppers are feeling the pinch, and in some cases buying less, a trend economists dub demand destruction. That may be a worrisome signal that consumer spending -- the powerhouse of the US economy -- is losing steam.