The US economy is in a ‘selective recession’ as lower-income consumers can’t cover the cost of living, JPMorgan says

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“The US economy is in a ‘selective recession,’ as lower-income Americans are struggling to get by while upper-income consumers are doing just fine, according to JPMorgan analyst Matthew Boss. Speaking to CNBC on Tuesday, Boss pointed to the divergence in upper-income and middle-to-lower income Americans, the latter of whom are struggling to keep up with the rising cost of living as prices remain elevated and savings dwindle.”

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