Consumer Spending Is Holding Back a Recession, but There Are Cracks

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While inflation has tiptoed lower, the prices of many essentials, from salad dressing to shelter, are at eye-watering levels, particularly from just a few years ago in the prepandemic era. Given the high cost of living, many have been surprised at consumers’ seeming indifference, as they keep on spending.

Yet that resilience could be running out.