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2011 was the lowest point of the Great Recession as far as small businesses going under. A long established car repair business owner told me that was when he almost lost his business. People couldn't afford to care for their cars because gas prices were so high.
https://www.bloomberg.com/opinion/ar...-u-s-consumers
American Consumers Are Starting to Hit Their Breaking Point
Evidence is mounting that the days of pandemic-era profligate spending may be over in a bad sign for stocks and corporate bonds.
By Lisa Abramowicz
March 28, 2022, 9:00 AM UTC
Signs are emerging that the resilience of American consumers is rapidly waning, potentially undermining one of the few remaining pillars supporting the bull market in equities.
U.S. households have until recently mostly absorbed higher prices on everything from coffee to chicken to clothes, helping companies maintain fat profit margins despite higher input. But that doesn’t mean consumers were happy about paying more for the same goods, which is why the University of Michigan’s sentiment index has steadily deteriorated to the lowest since 2011...
https://www.bloomberg.com/opinion/ar...-u-s-consumers
American Consumers Are Starting to Hit Their Breaking Point
Evidence is mounting that the days of pandemic-era profligate spending may be over in a bad sign for stocks and corporate bonds.
By Lisa Abramowicz
March 28, 2022, 9:00 AM UTC
Signs are emerging that the resilience of American consumers is rapidly waning, potentially undermining one of the few remaining pillars supporting the bull market in equities.
U.S. households have until recently mostly absorbed higher prices on everything from coffee to chicken to clothes, helping companies maintain fat profit margins despite higher input. But that doesn’t mean consumers were happy about paying more for the same goods, which is why the University of Michigan’s sentiment index has steadily deteriorated to the lowest since 2011...
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