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Americans cut spending as stocks hit highs

Gas and food bills kept eating paychecks, pushing two-thirds of Americans to cut spending

May 26, 2:40 PM EDT Cross-checked across 2 sources

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Drawn.News visual brief: As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows

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U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels

Frame 1WASHINGTON, May: stocks neared records while consumer confidence slipped and prices stayed stubborn.
Frame 2Gas and food bills kept eating paychecks, pushing two-thirds of Americans to cut spending.
Frame 3The Conference Board index fell 0.7 point to 93.1 after three monthly gains.
Frame 4Before COVID-19, the same gauge regularly reached 130; now it remains stuck low.
Frame 5The split sharpened: $100,000-plus households grew more confident while most others fell.
Frame 6The unresolved test: can growth and low unemployment outrun household price fatigue?

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Published: May 26, 2:40 PM EDT
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