费城联储：信贷紧缩影响美国消费 低信用评分人群支出下降

Core Insights - The growth in credit card spending in the U.S. economy is increasingly driven by borrowers with high credit scores, while those with lower credit ratings are reducing their spending [1][2] - The report highlights a widening wealth gap between affluent and low-income households, exacerbated by rising inflation, particularly in food prices [1] Summary by Sections Credit Card Spending Trends - Borrowers with credit scores of 720 and above have maintained their purchasing levels since 2023, reaching a historical high in dollar terms [1] - Conversely, borrowers with credit scores between 660 and 719 have seen a 5.4% decrease in spending compared to 2023, while those with the lowest credit scores experienced an 8.5% decline [1] Economic Impact on Different Income Groups - The disparity in spending reflects the economic expansion post-pandemic, with wealthy households benefiting from stock market gains, while low-income families face significant inflationary pressures [1] - Lower credit score consumers may be experiencing stronger consumption suppression due to poor financial conditions or limitations on their credit availability [2] Overall Economic Indicators - The number of accounts with overdue payments has decreased, attributed to stricter loan approval processes and a relatively low unemployment rate, leading to a reduction in bad loan rates [2] - Consumer spending accounts for approximately two-thirds of total U.S. economic demand, with recent private sector data indicating a slowdown in overall spending in September [2] - The Federal Reserve's latest Beige Book report noted a slight decline in retail consumption in recent weeks, with high-income households increasingly driving consumption [2]