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Avalon

Wealthy consumers account for a growing share of US spending, highlighting the lopsided strength of the economy. Consumers in the top 10% income distribution accounted for 49.2% of total spending in the second quarter, up from 48.5% in the first, according to Moody’s. That’s the highest level in figures going back to 1989. That helps explain how the economy has remained afloat and avoided recession amid a substantial decline in hiring, rising debt delinquencies and stubborn inflation.

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