This is the best summary I could come up with:

In a Thursday note, the bank’s top stock strategist Marko Kolanovic said 80% of consumers, a group that accounts for nearly two-thirds of consumption, has already depleted any savings cushion they may have built during lockdowns.

“It is likely that only the top 1% of consumers by income will be better off than before the pandemic,” Kolanovic wrote, pointing to the growing signs of credit card and auto loan delinquencies, as well as Chapter 11 filings.

The chart below shows how, by June 2024, every income group except the top 1% is on pace to dip below their March 2020 levels of inflation-adjusted liquid assets, in the form of deposits and money market funds.

“Consumers are facing tighter credit conditions and rising rates, wind-down of Covid-era stimulus and relief programs, declining excess savings and liquidity, and multiple years of above average inflation,” JPMorgan strategists wrote at the time.

Older millennials — a demographic of Americans born in the 1980s that holds significant influence on the US economy — have had to navigate the 2008 financial crisis in addition to the pandemic during critical working years of their lives.

The two economic storms, as well as mounting childcare costs and sticky inflation, have made it difficult for the sizable cohort to own a house, save for retirement, and comfortably spend money within their means.

The original article contains 377 words, the summary contains 223 words. Saved 41%. I’m a bot and I’m open source!