Uh, OH! The Top 10% Account For 50% Of Consumption, But The Wealthy Have Stopped Spending

Yet recent data suggest that the U.S. wealthy are beginning to shut their wallets. If their spending falls further, the broader economy could start to feel the pain. The top 10% of earners account for nearly half of all consumer outlays, according to Mark Zandi, chief economist at Moody’s Analytics. But their spending has fallen over the past two years, while spending for the middle class has accelerated.