As inflation continues to rise, economists are seeing the first signs that people are cutting back [on spending]. “That is one of the things that could lead to a recession,” Jack Liebersohn, UCI assistant professor of economics said. The first signs of a slowdown coming in services and entertainment …. “We expected a shift back to normality, spending more on services. But it sounds like that’s not what’s happening. And that could signal a broader decline in consumer spending.”

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