U.S. consumers continue to burn through their pandemic savings and are taking on more debt as they face high prices on everything from food and housing to entertainment.
Marianne Lake, co-chief executive of JPMorgan Chase’s consumer bank, said at a December conference that before the pandemic, the bank’s lowest-income clients had on average 12 days’ worth of cash on hand. Today, that average is around 15 days, meaning consumers are close to spending down money they socked away during the pandemic.
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