Top 10% drove half of spending in 2025. They’re the bell weather.

Bob Elliott
@BobEUnlimited
Looking through the chop of the monthly numbers, the household spending math problem remains. Employment growth: 0% Wage growth: 3.5% Inflation: ~2.5% -> ~4% Just pretty tough to maintain 5-6% nominal HH spending that has powered the economy, and even harder to get 2-3% real.
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