The Economic Slowdown Takes a Toll on Wealthy Americans and Mental Health.

Wealthier Americans are experiencing a decline in wage growth and discretionary spending, with spending trends falling below those of lower- and middle-income groups. Bank of America Institute data shows that households making over $125,000 are seeing wage growth decline faster than any other income cohort. While unemployment remains low, unemployment benefit claims are rising the fastest in the highest income group. The slowing trends in spending fit in line with other economic data from previous months, and some economists predict that the US economy will slip into a recession in the second half of the year.