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Today's Briefing
Monday, Jul 13, 2026

Americans Tap Savings and Credit Amid Rising Costs and Shrinking Middle Class

  • U.S. consumer spending continues, but it is increasingly supported by dwindling savings, with the personal savings rate falling to approximately 3.0%, below its long-term average, indicating growing household financial vulnerability.

  • Headline inflation accelerated to 4.2% in May, a three-year high, primarily driven by surging energy prices from the Iran conflict, leading consumers to anticipate higher costs for essentials like gas and groceries.

  • A major federal student loan system overhaul took effect July 1, 2026, introducing new PLUS loan limits and a Repayment Assistance Plan, alongside a surprising 1% interest rate reduction for autopay enrollees.

The Bottom Line

Despite resilient spending, many American households face increasing financial strain from persistent inflation and diminishing savings, highlighting a growing fragility in personal financial stability.

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