More Than 60% of Americans Are Living Paycheck to Paycheck Amid Recession Fears

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Published on June 6, 2022 - Duration: 01:31s

More Than 60% of Americans Are Living Paycheck to Paycheck Amid Recession Fears

More Than 60% of Americans , Are Living Paycheck to Paycheck, Amid Recession Fears.

Business Insider reports that rising inflation has impacted consumers across the United States' income spectrum.

According to a new report from PYMNTS.com and LendingClub, nearly two-thirds of the U.S. are currently living paycheck to paycheck.

According to a new report from PYMNTS.com and LendingClub, nearly two-thirds of the U.S. are currently living paycheck to paycheck.

That amounts to about 157 million adults.

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That number is up 9% from 52% in April of last year to 61% during the same time this year.

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Business Insider reports that it is part of an upward trend as the cost of living outpaces wage growth.

36% of those making less than $50,000 annually are living paycheck to paycheck and have issues paying bills.

The news comes amid fears of a recession as consumers are already tapping into savings to make ends meet.

According to PayPal CEO Dan Schulman, at the current rate of inflation, consumers' savings could run out by the end of the year.

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According to PayPal CEO Dan Schulman, at the current rate of inflation, consumers' savings could run out by the end of the year.

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Meanwhile, JPMorgan Chase CEO Jamie Dimon suggests that consumers in the U.S. have about six to nine months of spending power remaining in their bank accounts.

Meanwhile, JPMorgan Chase CEO Jamie Dimon suggests that consumers in the U.S. have about six to nine months of spending power remaining in their bank accounts.

PayPal's Schulman also points to reduced spending among lower-income households which is now impacting middle-income households.


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