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Americans Are Running Out of Cash. It Makes a Recession More Likely.

businessinsider.com · 681 words · saved by 1 readers

Americans have burned through a third of their savings cushion. That's a dire sign for the US economy.

Wells Fargo customers use ATMs outside of a Wells Fargo bank on July 14, 2021 in San Francisco, California. Justin Sullivan/Getty Images The financial cushion protecting Americans from sky-high inflation is smaller than previously thought. As savings dwindle, the chances of a severe recession mount. Household finances are in a worrying decline. Savings boomed through the early days of the pandemic as unprecedented stimulus and weak in-person spending left Americans more cash to stash away. That trend peaked in the middle of 2021 as the economy reopened and spending rebounded. Surging…

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