LegalShield's Consumer Stress Legal Index showed consumer financial stress is continuing to rise.
LegalShield on Tuesday said its Consumer Stress Legal Index rose to 66.7 in December, up by 0.4 points from the prior month, showing that US consumers' financial stress is at its highest level since November 2020.
AdvertisementUS consumer financial stress has soared to its highest in three years.
"The rise in consumer stress in contrast to increased spending may point to an even sharper rise in household debt in the coming months."
The increase in consumers' financial stress comes even as GDP growth has stayed strong, the labor market remains robust, and holiday retail spending was high.
Persons:
—, Matt Layton
Organizations:
Service, National Association of Business Economics, Federal Reserve Bank of New
Locations:
Federal Reserve Bank of New York