Spending Holds, But Stress Deepens: Consumer Credit And Cost Pressures Are Reshaping The U.S. Economy (Ankura Monthly Economic Report)

U.S. consumers are showing signs of strain as rising costs, slowing income growth, and increasing reliance on credit reshape spending behavior. Record debt levels, weakening sentiment, and rising delinquencies point to growing financial pressure beneath resilient topline activity. As essential costs crowd out discretionary spend, the outlook for demand quality, margin stability, and consumer-driven growth is becoming increasingly uncertain heading into the second half of 2026.

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