Older and upper income Americans spending less

Wall Street Journal reports that:

Americans who have money to spend aren’t doing so, a factor that is depressing consumer outlays despite low gasoline prices and steady hiring….The report found mid- and upper-income Americans, and those older than 65, pulled back on spending sharply from mid 2014 through June, while outlays among those younger than 35 and those with lower incomes held up fairly well.

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