Economic slowdown due to depleted savings and limited job opportunities

The United States economy heavily relies on individual spending, which can come from savings or credit. However, people have now depleted their savings, leading them to reenter the workforce in search of income. Unfortunately, many companies are shrinking, leading to limited job opportunities. This trend is reflected in rising unemployment rates and incremental unemployment insurance claims, with states like California being significantly impacted. This depletion of cash reserves is expected to result in an economic slowdown, prompting the likelihood of multiple rate cuts to stimulate the economy.