Surveillance: China Growth with Emanuel
Bloomberg Surveillance
00:00
Credit Card Debt
The consumer was very much supported by this accumulation of wealth during the pandemic and the immediate aftermath. We estimate there was an additional about 6 trillion in terms of a wealth cushion supporting consumers. Now as we go forward and consumers draw down that savings, we're seeing this return to a reliance on credit card debt. It's going to be nearly impossible to maintain then that level of 3 percent growth as we turn the corner now into the new year.
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