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Data show a resilient economy

But that largely reflects spending by the rich, while others pull back amid high prices and a weakening labor market. Their spending habits have helped to buoy the overall economy, masking underlying weaknesses As prices for everyday essentials like food, housing, and healthcare continue to rise, many americans are finding it increasingly difficult to make ends meet. In general, people who experienced economic hardships had more difficulty fully covering their expenses with their income

While 51 percent of all adults said their monthly spending was less than their income, those who experienced hardships were less likely to say so. Americans spent less money last month, shrinking the economy and putting economists on high alert According to federal data released friday morning, consumers spent nearly $30 billion less. The gap between what americans earn and how much they need to bring in to achieve a basic standard of living is growing, according to a new report.

According to the most recent report from the bureau of economic analysis, consumer spending fell 0.2 percent in january having increased 0.8 percent in december

This marked the first monthly. Consumers report feeling less financially secure but appear to be spending selectively

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