The K Carried the Consumer — and May Be Narrowing

A handful of households are carrying US demand. The top 10% by income account for ~23% of total consumption versus ~4% for the bottom 10%, making aggregate demand disproportionately reliant on higher-income balance sheets. Why it matters: This concentration lets headline consumption mask underlying stress — and explains the disconnect between resilient spending and a softer labor market that emerged last year. Consumption share by...