As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows
Despite the U.S. stock market reaching new highs, consumer confidence has declined as inflation and high gas prices persist. A recent survey indicates that two-thirds of Americans are cutting back on spending due to rising costs. This economic disparity highlights a divide where higher-income households continue to benefit from stock gains while lower-income families struggle with increased expenses.
- ▪U.S. consumer confidence index slipped 0.7 points to 93.1 in May, marking the first decline after three months of gains.
- ▪Two-thirds of Americans reported cutting back on spending in response to rising prices.
- ▪Inflation reached 3.8% in April, the highest in three years, affecting purchasing power.
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ABC NewsLiveVideoShowsGood Morning AmericaShopGMAInterest Successfully AddedWe'll notify you here with news aboutTurn on desktop notifications for breaking stories about interest? OffOnStream onAs US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey showsU.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 levelsByCHRISTOPHER RUGABER AP economics writerMay 26, 2026, 10:13 AM1:23The per-gallon prices for the various grades of gasoline available at a gas station are displayed on a sign above the pumps, Sunday, May 24, 2026, in southeast Denver. (AP Photo/David Zalubowski)The Associated PressWASHINGTON -- U.S.
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